The company’s inventory was at $246.4 million by the end of 2022, which was up 48% from the previous year.
, the company’s inventory was at $246.4 million by the end of 2022, which was up 48% from the previous year.
Though the excessive amount of inventory will be thrown out by the first half of 2023 in order to “reduce fulfillment costs by managing inventory levels to align with the operating capacity of our distribution center,” the company confirmed. This could cost anywhere between $10 and $36 million. Funko Pop! sales dropped by 6.6% between 2021 and 2022. Last year, the company’s revenue also declined 108% when compared to 2021 to only $5.2 million.
CEO Brian Mariotti released a statement addressing the changes. “During the fourth quarter and in early 2023, we have made progress in addressing operational issues that impacted our results in the second half of 2022. We are gratified that the Funko brands continue to see strong consumer demand from our incredibly loyal and resilient global fanbase.”
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