Funko has smashed Wall Street predictions for the full year 2018, with net sales soaring by a third and gross profit increasing a phenomenal 30 per cent.
“Once again, Funko had a terrific quarter and full year, significantly exceeding our own expectations,” says Brian Mariotti, Funko’s CEO.
The pop-culture collectable company capped off the year with a tremendous fourth quarter. Net sales rocketed to $233.2 million in the final three months of last year, an increase of 38 per cent from the $169.5 million it made in the same period of 2017. Funko says the increase was driven by strong and balanced demand for the its products across a broader number of properties, allowing it to keep up with demand that outstripped its expectations.
“In order to better serve our retail customers and our fans, we consciously made in-quarter decisions to better meet the strong demand we saw for our products,” says Brian Maritotti. “Some of these decisions reduced our gross margin, but allowed us to enlarge our market and satisfy better-than-expected demand for our products.”
Looking to the coming year, Funko expects its graphs to continue upwards, with full-year net sales in the range of $810-825 million.
“For 2019, we expect our sales growth target to be 18 per cent to 20 per cent,” Brian adds, “as we see greater opportunities for growth, and we plan to continue to make investments to improve our operations and efficiencies over the longer term.”Top image: Nasdaq