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Jakks Pacific makes progress despite 17% sales hit in Q2

30. Juli 2020 11:08 Uhr

By toybook.com

  • Following reports from Mattel and Hasbro in the past week, Jakks Pacific weighed in with its second quarter earnings for what will no doubt be remembered as one of the most challenging years on record.

The company reported a 17% decline in Q2 sales versus the same period last year thanks to the spread of the COVID-19 pandemic and the closure of retail partners around the world. In the U.S., net sales for toys and other consumer products were down just 2%, while sales in the company’s Disguise Costumes division - which had been a pre-pandemic strong point - dropped 38%. At the same time, gross margin increased to 21.3% from 18.6% and operating expenses declined.

Jakks reports that it’s seeing the same double-digit increases at POS that many in the toy industry have seen this summer. That, combined with a lighter-than-usual inventory at retail should help the company in the long term.

One concern in the short term is that no one knows what this Halloween season will look like. A recent Harris Poll stated that just 27% of parents surveyed believe that their kids will trick or treat this year. With this in mind, Jakks has preemptively scaled-back Disguise shipments to some retailers anticipating lighter demand for costumes and accessories.

In the back half of the year, Jakks has some strong items in its lineup, including new items from Nintendo and Cute Girls Hairstyles, seasonal items based on Elf and Gremlins, and the debut of its 6-inch scale Apex Legends action figures and an accompanying costume line from Disguise.

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