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Sep 30, 2021
JAKKS Q3 2021 Earnings Report
Reported strong Halloween season and was on-track for a robust holiday season.
Key Takeaways
JAKKS Pacific reported a decrease in net sales for Q3 2021 compared to the previous year, but net income attributable to common stockholders increased. The Costumes segment was a strong performer, and the company focused on improved product margins and cleaner retail sell-through.
Third quarter net sales were $237.0 million compared to $242.3 million last year.
Costumes segment is the strongest performer with $64.0 million in net sales, 16.4% growth vs. Q3 2020.
Net income attributable to common stockholders of $36.0 million, or $3.97 per diluted share.
Liquidity of $69.8 million with cash of $26.7 million and revolver availability of $43.1 million.
Revenue by Segment
Forward Guidance
The company is introducing key new items for the Holiday gift-giving season and is excited about 2022 and beyond, working on new initiatives to deliver additional top-line growth and bottom-line margin improvement.
Positive Outlook
- Consumers have embraced the Halloween season with a burst of pent-up demand.
- Sell-thru rates are exceeding 2019 levels.
- Introducing key new items for the Holiday gift-giving season.
- Nintendo® Super Mario™ Deluxe Bowser’s Airship Playset and Sonic the Hedgehog™ Giant Eggman Robot Battle Set have received strong retailer and consumer reaction.
- Working on new initiatives for 2022 and beyond to deliver additional top-line growth and bottom-line margin improvement.
Challenges Ahead
- Logistical delays in customers picking up FOB China orders.
- Extended timelines to deliver inventory into US and European warehouses for domestic replenishment.
- Supply-chain bottlenecks weighed on results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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