10:42 h / 2022/03/04
Following a tumultuous 2020, Funko did big business on the rebound in 2021 to hit a new milestone of more than $1 billion in annual sales
Owing much to the continued diversification of its product assortment to include figures, plush, games, apparel, and accessories, Funko’s net sales spiked 58% last year to $1.03 billion. Net income swung back in the right direction with a 595% increase to $67. 9 million. The success was capped by a big fourth quarter with net sales increasing 48%.
According to the company’s newly issued guidance, Funko expects net sales growth for 2022 to fall between 20-25% following a first quarter that is already on track for more than 40% growth.
One area of concern is a plight shared by all toymakers and consumer products companies this year: supply chain challenges that are shrinking margins despite consumers’ insatiatble hunger for new products.
In Q4 of 2021, Funko’s net sales of figures increased 50% to $255.1 million while net sales of other products increased 44% to $81.1 million reflecting strong demand for Loungefly products, games, plush, and accessories. The company also made an entry into the greeting card aisle with the debut of its Popsies brand.