The rise of Funko continues. The Washington-based purveyor of pop culture collectibles and consumer products reported first quarter earnings that surpassed all expectations.
Funko, famous for it’s ever-growing selection of Pop! Vinyl figures, reported a net sales increase of 22% to $166.8 million in the first quarter of 2019, up from $137.2 million in the first quarter of 2018. Gross profit increased 24%, net income increased 216%, income from operations rose 76%, and gross margin increased 70 basis points to 38.1%.
Sales of its collectible figures lines increased 18%, with major growth seen in the Loungefly brand and other softline products, which experienced a net sales increase of 43%
“Funko started 2019 with a very strong quarter, once again exceeding our own expectations,” says Brian Mariotti, Funko’s CEO. “Demand for our products and pop culture in general is global and our growth was balanced with strong increases in all geographic markets… we remain focused on optimizing our long term growth and improving our operations.”
With summer movie season upon us, and properties such as Avengers: Endgame continuing to do massive global box office, Funko will see an uptick in sales carried by active pop culture properties.
“For the balance of the year, we look forward to continuing our expansion into new product categories, broadening our retailer network and increasing the portion of our sales coming from international markets,” Mariotti adds.
The company has been on a roll all year, with a baseball sponsorship, a new collection tracker app, a children’s book series, and construction of a Hollywood flagship store just a few of the highlights.