Funko withdraws financial guidance

The firm will update its new forecast in light of retail closures, social distancing and new measures to safeguard workers during its Q1 2020 earnings call

Written by Rhys Thomas

Posted 23.03.2020 | Business

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Funko has withdrawn the financial guidance is issued earlier this month, in light of the unknown impact of coronavirus, and is taking measures to “mitigate disruption” as the pandemic continues to take hold of the world.

The firm’s US corporate office remains open, but at distribution centres, a staggered work schedule and additional new procedures to protect staff from the outbreak have been put in place.

CFO Jennifer Fall Jung said on 5 March that the company expects to see revenue growth of between 6 and 9 per cent for the full year 2020, a figure that at the time included anticipated impact of coronavirus. Net sales of at least $840m were forecast, with net income of between £43m and $50.8m.

But the impact social distancing, isolation and retail closures will have on sales still being assessed.

Brian Mariotti, Funko’s chief executive, says the company’s “number one priority” is the safeguarding of “Funko’s employees, local communities and partners worldwide”.

“We are grateful to our dedicated team members and remain confident in the strength of our Pop! platform and the diversity of our business model, which extends across licenses, product categories, distribution channels and customers.

“While we are facing uncertain and unprecedented times, we are taking immediate actions to cut costs and mitigate disruption as we navigate this rapidly evolving situation.”

Funko will provide further updates on its financial forecasts during its first quarter 2020 earnings conference call.

Consumers can still shop for Pop! collectables and other licensed merchandise through Funko’s direct to consumer channels.

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