Funko has seen net sales increase 32 per cent to $138.7 million for its second quarter 2018 results, thanks to an expanding portfolio, global footprint and increased demand from the pop-culture audience.
The pop culture and collectables specialist has seen the number of its active properties surge 26 per cent to 510 from 404, with results reflecting a five per cent increase on each.
Net sales in the US grew 33 per cent to $97.1 million while overseas net sales went up 32 per cent to $41.6 million, driven primarily by growth in the European market.
Funko’ gross margin in the second quarter of 2018 also increased by 120 basis points to 38.2 per cent, compared to the 37 per cent in the second quarter of 2017. This has been attributed to higher product margins in Europe and a positive impact from the acquisition of Underground Toys in the second quarter of 2017.
“The strong top-line momentum we experienced to start the year carried into the second quarter,” said Brian Mariotti, Funko’s CEO. “We saw further growth n our product portfolio, in our geographic footprint and in our profitability, and we also continued to see robust demand around the world for our products, which feature a diverse mix of evergreen and newly released content that appeals to a wide consumer audience.
“Thanks to our talented design teams, speed to market, extensive retail relationships and passionate customer base, the top brands across movies, television, video games, music and sports increasingly look to Funko to strengthen the connection between fans and their properties.
“We have built Funko into a dynamic platform for a growing array of pop culture and entertainment properties represented across a wide range of products.
“Looking ahead, we have a strong pipeline of products that we are preparing to launch during the second half of 2018, especially Pokémon and Fortnite, which we recently secured.”