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JAKKS Pacific reports 1st quarter results

The results for the first quarter show that JAKKS Pacific has to report a decline.

First Quarter 2024

  • Net sales were $90.1 million, a year-over-year decrease of $17.4 million or 16%, driven by a lack of new film releases vs. prior year

  • Gross margin of 23.4%, down 580 basis points vs. Q1 2023, led by higher inventory obsolescence expense, and retailer markdowns

  • Gross profit of $21.1 million, down $10.4 million compared to $31.4 million in Q1 2023

  • Operating loss of $21.3 million, compared to an operating loss of $4.4 million in Q1 2023

  • Adjusted net loss attributable to common stockholders (a non-GAAP measure) of $11.3 million (or $1.09 per diluted share), compared to an adjusted net loss attributable to common stockholders of $4.0 million (or $0.40 per diluted share) in Q1 2023

  • Adjusted EBITDA (a non-GAAP measure) of $(17.2) million vs. $(1.1) million in Q1 2023

“The beginning of the year at JAKKS is always our smallest shipping quarter and is focused on taking stock of the just concluded holiday season, solidifying our full-year plans and development work towards longer-term opportunities,” said Stephen Berman, Chairman and CEO of JAKKS Pacific, “and the quarter just concluded was very active on all three of those fronts (…)“.

Source: www.jakks.com

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