Funko Unveils Funkoverse Board Games"), company President Andrew Perlmutter told analysts in the conference call last week, as the company reported another blockbuster quarter. "Retail adoption and sell-in is outpacing our expectations," Perlmutter said (transcript via SeekingAlpha). "The major retailers we work with have placed orders, including several that don’t traditionally carry boardgames, and those orders have exceeded our expectations."
The company is pursuing a global launch for the Funkoverse line, with versions in French, German, and Spanish joining the English language games, Perlmutter said.
Meanwhile Funko’s Q2 had massive sales and profit increases, leading the company to increase its full-year guidance. Sales were up 38% to $191.2 million from $138.7 million in Q2 2018. U.S. sales were up 26%, while international sales grew 65%. Sales of POP! Vinyl figures, which at nine years old would normally be expected to tail off, were up 34% in the quarter.
Net income grew to $11.4 million from $0.3 million in Q2 2018.
Funko raised its guidance for sales for the year to $840 to $850 million, with net profits expected to be $61.5 million to $65.3 million.
As Company Reports Another Blockbuster Quarter
Posted by Milton Griepp on August 12, 2019 @ 8:56 am CT
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