JAKKS Pacific reported a decrease in net sales for Q4 2023, with a slight increase in Toys/Consumer Products sales offset by a significant decrease in Costumes sales. However, gross profit increased due to improved margins. The company experienced a net loss for the quarter, contrasting with a net income in the same period last year. For the full year, net sales decreased, but gross profit increased, and operating income saw a slight decrease.
Net sales for Q4 2023 decreased by 3% year-over-year to $127.4 million.
Gross margin for Q4 2023 increased to 26.5%, up 480 basis points compared to Q4 2022.
Net loss attributable to common stockholders for Q4 2023 was $11.3 million, compared to a net income of $37.6 million in Q4 2022.
Full-year gross profit increased by 6% to $223.4 million, the highest since 2015.
Although customers are tentatively moving into the new year, we believe our core businesses remain on solid footing.
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