This ad will be closed automatically in X seconds.

Disguise sales drop 12% in 2023

Jakks Pacific has announced its Q4 ended 31 December, 2023, and full year 2023 results.

Net sales for the whole company in Q4 were $127.4 million, a decrease of 3% year-on-year. Gross margin was 26.5%, up 480 basis points compared to Q4 2022.

For the full year, the whole company net sales were down 11% year-on-year to $711.6 million, while gross margin was 31.4%, compared to 26.5% last year.

Gross profit for the full year was $223.4 million, up 6% compared to last year, and the highest dollar level since 2015.

Disguise sales fell 40% in Q4, with a drop of 54% in North America, and 20% internationally.

For the full year, Disguise sales were down 12% as customers continue to recalibrate to post-COVID levels. The performance was nonetheless 22% higher than 2021.

Stephen Berman, ceo of Jakks Pacific, commented: “For the third consecutive year we have met or exceeded our key financial full-year targets. The year began with the challenge of revenue comparisons with a 2022 hit-driven blockbuster product line, but we also saw opportunities for gross margin improvements with a normalised supply chain. Gross and operating margins improved year-over-year despite a $80+ million decline in net sales, generating over $66 million in operating cash flow for the year.

“The holiday toy season came late this year, but we were pleased with the results. Two of our top three US toys/consumer products customers achieved positive year-over-year retail sales results in Q4 despite challenging comparisons from the prior year. Our aggregate end-of-year inventory at retail at those three accounts is also down by a high single digit percentage compared to last year. Although customers are tentatively moving into the new year, we believe our core businesses remain on solid footing.”

Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter and @licensing_source on Instagram.

MORE NEWS
TfLlunchbox500x500
 
Designed by creative agency Crush Creative, the guide includes a set of colourful, illustrated assets that draw on TfL’s heritage and serve as a toolkit for licensees developing products for young audiences....
Tulipop500x500
 
Tulipop Studios - creator and owner of the Icelandic character-based Tulipop IP - is growing into new markets having secured a number of fresh deals....
YakkaDee500x500
 
Rachel Bardill and Liz Keynes - both well known and respected family and children's brand strategists - have come on board to further drive awareness for the preschool show....
AliceBurden500x500
 
In her new role, Alice will be responsible for steering and driving forward the strategic and creative direction of Toon2Tango, focusing on storytelling and creative development....
job
 
H&A is looking to further strengthen its team with the appointment of a supply chain planner....
SManners500x500
 
Industry trade body, Licensing International has responded to Labour's Budget from earlier this week, saying that moving forward 'beloved brands' will be more important than ever before in providing a point of difference....
Get the latest news sent to your inbox
Subscribe to our daily newsletter

The list doesn't exist! Make sure you have imported the list on the 'Manage List Forms' page.