Press release
Funko Reports Second Quarter 2020 Financial Results
Successfully Launched New Products Across Multiple Categories EVERETT, Wash.--(BUSINESS WIRE)-- Funko, Inc. ("Funko,” or the “Company”) (Nasdaq: FNKO), a
About this update from Funko, Inc.
[{"type":"text","content":"\nSuccessfully Launched New Products Across Multiple Categories\n\n EVERETT, Wash.--(BUSINESS WIRE)--\nFunko, Inc. (\"Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture consumer products company, today reported its consolidated financial results for the second quarter ended June 30, 2020.\n\n\nSecond Quarter 2020 Financial Summary\n\n\n\nNet sales of $98.1 million\n\n\nGross margin1 of 36.6%\n\n\nSG&A expenses decreased 10% to $39.1 million\n\n\nNet loss of $15.0 million\n\n\nAdjusted EBITDA2 of $0.2 million\n\n\nTotal liquidity3 of $87.0 million as of June 30, 2020\n\n\n\nSecond Quarter 2020 Operating Highlights\n\n\n\nStrong consumer demand within the domestic mass-market and third party e-commerce channels\n\n\nFunko’s direct-to-consumer e-commerce sales increased more than threefold compared to prior year\n\n\nCost reduction initiatives generated over $15 million in SG&A savings from plan in the second quarter\n\n\nSuccessfully re-launched Funko.com with an expanded product offering\n\n\nLaunched Marvel Battleworld: Mystery of Thanostones, which combines micro collectibles, cards and gaming to provide kids with an immersive story telling experience\n\n\nIntroduced multiple new board games, including: Pan Am, Godzilla: Tokyo Clash and Back to the Future: Back in Time\n\n\nUnveiled Stitch Shoppe, Loungefly’s new high quality licensed apparel and accessory line\n\n\n\nBrian Mariotti, Chief Executive Officer, stated, “Although our second quarter results were significantly impacted by store closures in both the U.S. and abroad, we were able to accelerate our connection and engagement with our fans through continued innovation and new product introductions as well as the expansion of our direct to consumer business. In Q2, we saw strong performance on our own e-commerce sites which delivered triple-digit sales growth.”\n\n\n“Looking at the second half of the year we are excited to have our most diverse product offering in the market come this holiday season. In the face of the highly dynamic environment, we are staying nimble and remain committed to our key growth strategies.”\n\n\nSecond Quarter 2020 Financial Results\n\n\nNet sales decreased 49% to $98.1 million in the second quarter of 2020 compared to $191.2 million in the second quarter of 2019. The year-over-year decline was primarily attributable to impacts fro...