Things are not looking good for Funko. From ICv2:
Funko expects its Q2 sales to be 60% below sales in Q2 2019, CEO Brian Mariotti told analysts in the company’s conference call last week. The company had revealed that its Q1 sales were down 18% and that it was moving all of its Q2 releases in Europe to Q3 in its earnings release but had not previously revealed a sales decline estimate.
Q2 stands for the second quarter and represents sales in April, May, and June. In other words, the COVID-19 apocalypse. Sales as in sales to retailers, not consumers.
Funko’s most popular and successful product is Pop! figures. They are vinyl figures with large heads and bog eyes. They’re like action figures, but they’re not made as toys for children. They’re made for adults to collect.
I can totally see why retailers haven’t been restocking Pop figures. Most retailers other than Walmart and Target have been closed because of COVID-19. Funko Pop! figures are made in China and Vietnam. Most if not all manufacturing was shut down in China because of the coronavirus. I don’t know about Vietnam, but I wouldn’t be surprised if things were the same there too.
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