9:58 h / 2021/05/07
Funko is back to crushing expectations
The Washington-based purveyor of toys, collectibles, games, and lifestyle products reported a 38% spike in net sales to $189.2 million in the first quarter of 2021 versus $136.7 million during the same period last year. The company’s net income, gross margin, and EBITDA also increased as strong demand for pop culture licensed products has recovered in recent months.
Sales of Funko‘s signature Pop! branded products grew 33%, while Loungefly and other non-figure products - including games, plush, and accessories - spiked 52% in Q1. Funko’s e-commerce business - which has rapidly expanded in the past 14 months - experienced a 160% sales increase in the first quarter led by strong traffic and sales to the company’s own Funko and Loungefly sites.
Funko says that 66% of its Q1 sales were attributable to evergreen content. Beyond the growth in Pop!, Funko says that sales of Loungefly products grew 82% in Q1.
Regionally, Funko’s overall sales grew 39% in the U.S. and 55% in Europe. Net sales elsewhere in the world grew 2% as certain companies continue to experience pandemic-related disruptions.