JAKKS Pacific reported a decrease in net sales by 14% to $242.3 million compared to the previous year, but net income attributable to common stockholders increased to $32.1 million. Excluding declines in Frozen and Disguise Halloween costumes, net sales were up 13% year-over-year. The company also highlighted strong liquidity and improved gross margins.
Net sales for Q3 2020 were $242.3 million, a 14% decrease compared to last year.
Excluding declines in Frozen and Disguise Halloween costumes, Q3 net sales increased by 13% year-over-year.
Gross margin improved to 30.8%, up from 28.9% due to disciplined cost control and improved inventory management.
Net income attributable to common stockholders rose to $32.1 million.
The company expects continued progress on profitability despite difficult revenue comparisons and anticipates growth in sales and profitability in 2021.
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