Jakks Pacific has welcomed its second quarter financial results for 2022 which its highest ever sales for the quarter and biggest operating income in the company’s history.
Its net sales for the three months to the end of June 2022 were up to more than $220 million, a mammoth year-on-year increase of more than 96% It was driven by increased sales in its toy and consumer products arm, which saw Y0Y growth of more than 82% to $148.9 million. Costumes grew by more than $71.6 million, a whopping increase of more than 132%.
“Our past quarter’s results are extremely gratifying. The teams collaborated and executed at the highest level – chasing exceptional demand for our product, and relentlessly engaging with our manufacturers, customers and vendors to set everyone up for a great back-part of the year”Jakks Pacific CEO Stephen Berman
Jakks Pacific CEO Stephen Berman said: “Our past quarter’s results are extremely gratifying. The teams collaborated and executed at the highest level – chasing exceptional demand for our product, and relentlessly engaging with our manufacturers, customers and vendors to set everyone up for a great back-part of the year. We’re excited to continue to delight our consumers with a tremendous offering across our toy, consumer product and Halloween ranges, both on-shelf and on-line, and in the US and internationally.
“During the quarter we continued to see solid consumer demand across most of our major toy businesses, especially with Disney’s Encanto and Sega’s Sonic the Hedgehog. Our Costume business shipped over $71 million, the highest Q2 shipment level since Disguise joined JAKKS in 2008. Despite the continuation of supply-chain cost pressures, we nonetheless recorded our first profitable second quarter in 10 years. We have also accelerated our importation of product to support the second half of the year and mitigate our traffic at the ports during the peak season.
“We’re pleased to share that we utilized some of the proceeds of our recent results to make an optional $10 million pay-down against our long-term debt, mitigating some of the impact rising interest rates have on our cash interest expense.”