A decline in global toy sales contributed to a loss of US$17.4 million for Jakks Pacific in the first quarter of 2016, with the California-based toymaker posting revenues of US$95.8 for the period ended March 31. The company generated US$114.2 million in revenues during the same period a year ago.
The per-share loss for the quarter came in at US$1.01, correlating to the company’s ongoing stock buy-back program.
Still, Jakks says it’s on track to boost net sales by 7% this year to roughly US$800 million. It’s banking on a slew of upcoming entertainment-licensed products based on major films like Batman vs. Superman: Dawn of Justice, Captain America: Civil War, Teenage Mutant Ninja Turtles: Out of the Shadows, Warcraft, Alice in Wonderland: Through the Looking Glass and Finding Dory to drive sales.
Also on tap for 2016 is the move of Tsum Tsum stackable and collectible figures, which feature hundreds of stylized Disney characters, into mass-market channels, following a limited launch in late 2015. And Jakks plans to grow its Max Tow and Friends range with a new character this fall, Cliff Climber, as well as a new mobile app. The company has also relaunched its Real Construction brand with new products, an app and a digital campaign.
The toymaker’s overall sales for 2015 were down nearly 8% to the tune of US$74.6 million, but net income rose by 8.1% to US$23.3 million, thanks to its Disney Princess, Star Wars, international and seasonal businesses.