Funko Q1 net sales +63% YoY to $308.3M; raises FY22 guidance to $1.275-1.325B

Funko, Inc.

2022-Q1 EPS reported $0.23 revenue$308,343,000

Net sales $308.3M (+63% YoY); net income $14.5M (+31% YoY); GAAP EPS $0.23, adjusted EPS $0.34.
Loungefly brand sales surged 103.5% YoY to $50.1M; DTC sales rose 36% on higher conversion.
Gross margin fell 610 bps to 35.3% due to freight inflation; adjusted EBITDA $36.3M (+21.8% YoY).
FY 2022 guidance raised: net sales $1.275-1.325B, adjusted EPS $1.80-$1.90, adj. EBITDA margin ~14.6%.
Q2 gross margin expected down sequentially; SG&A % of sales to increase on distribution center relocation spend.

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