The first quarter results continue rolling in from the world’s toycos, and Malibu, California-based Jakks Pacific hasn’t bucked the downward revenue trend.
Q1 2009 net sales came in at US$108.7 million, down from US$130.9 million earned in the same period last year. The toyco also reported a net loss of US$10.8 million, compared to Q1 2008′s net gain of US$0.9 million
Chairman and co-CEO Jack Friedman stated that the company felt the impact of closeouts sales, which affected gross margins, while dealing with new overhead costs from recently acquired businesses. The company is counting on strong performances from Girl Gourmet and EyeClops-branded product lines, Disney pretend play products and Halloween costumes from its new Disguise division to boost performance in the all-important third and fourth quarters of the year.