Losses narrow for Jakks Pacific

The toymaker continues to forecast net sales of US$800 million for fiscal 2016, despite sustaining a drop in revenue during the first half of this year.
July 20, 2016

After losing US$17.4 million during its first quarter of 2016, California toymaker Jakks Pacific shaved down its losses to US$4.37 million in its second quarter, while net sales were up by 8% over the same period last year to US$141 million.

However, sales for the six-month period ended June 30 totaled US$236.8 million, compared to US$245.3 million in 2015, and adjusted earnings for the first half of the year sat at -US$5.1 million, compared to US$0.6 million over the same period last year.

Jakks CEO Stephen Berman continues to remain optimistic as Jakks heads into the second half of the year, which will see the debut of new products like Northern Lights Elsa (the next iteration of the company’s large-scale Frozen doll line), Disney Princess Magical Wand Cinderella, collectible mini-doll line Gift ‘ems, Teenage Mutant Ninja Turtle-branded XPV Skateboarding Mikey, BIG-FIGS large-scale figures based on the Star Wars franchise, and World of Nintendo action figures and vehicles.

Additionally, more Tsum Tsum collectible figures featuring characters from the Disney and Marvel are in the pipeline at Jakks, as are products based on two new Disney characters, Elena of Avalor and Disney/Pixar’s Moana.

The company is also set to serve as global distributor for interactive light-up characters Glow Friends by Roxo, and as the US distributor for Headstart’s Ooshies, a line of collectible characters featuring popular licenses.

Given the momentum heading into the all-important fall and holiday season, Jakks is continuing to forecast a 7% increase in fiscal 2016 net sales to approximately US$800 million.

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