In a year blighted by the coronavirus pandemic, Funko have posted 3rd quarter figures that have seen a 34% drop in Europe, but with the gross margin heading up.
Net sales are down -14% to $191.2m compared to $223.3m in the same period 2019. By geographical region, net sales decreased -4% in US to $140.9m, while internationally they fell -34% to $50.3m. Funko says the figures reflect the more significant impact of Covid-19 in Europe. Sales of figures fell 18% while sales of other products decreased by only 1%. Funko’s Loungefly brand was a strong performer in the quarter, with sales increasing +25% thanks to strong momentum at Loungefly.com and at wholesale retailers.
Funko expects that effects from the Covid-19 pandemic will continue to impact sales in the fourth quarter of 2020 and currently expects net sales on a percentage basis to be down 10% compared to the prior year.
