Jakks Pacific released its third quarter financial results ended September 30, 2018. The company reported $236.7 million in net sales, which is down from $262.4 million in the comparable period last year.
Jakks Chairman and CEO Stephen Berman attributes the 10 percent net sales decline in the quarter and the 9 percent decline year-to-date on the loss of Toys “R” Us sales.
Earlier this month, the company initiated a plan to reduce its global workforce and consolidate operations. These plans, Berman says, are intended to reduce overhead and should be completed in next year.
The Jakks product lines performing well include Incredibles 2, Fancy Nancy, Perfectly Cute, Squish-Dee-Lish, and MorfBoard.