Jakks Pacific racked up US$120.9 million in Q1 net sales—a 44% increase over the same period last year, and its highest earnings for a first quarter in more than a decade.
Contributing to the growth, the costume segment that includes Jakks-owned Disguise more than doubled sales this quarter to US9.7 million, and a sharp rise in business in the MENA region was also a factor.
The action play & collectibles category was up by 93% to US$31.6 million, led by licensed action figures for the Sonic the Hedgehog 2 film. And dolls, role-play and dress-up also performed well, growing by 37.3% to US$62 million. One category that didn’t follow suit was the outdoor/seasonal toy segment, which was just slightly down by 4.9% to US$17.4 million.
Internationally, net sales in the MENA region spiked by a whopping 157% this quarter. But numbers were rosier in the US (up 40% to US$97 million) and Europe (up 82% to US$13 million) as well.
Heading into Q2, the company anticipates having to navigate an unpredictable period because of the pandemic, according to Jakks chairman and CEO Stephen Berman in a press release. But he added that licensing deals for big brands such as Disney’s Encanto, the impact of Netflix series Sonic Prime launching this year, and a return to trick-or-treating IRL on Halloween all indicate a positive outlook for the rest of the year.