Mattel finished 2023 in a position of strength, with net sales up +16% in Q4 YOY, driven by growth in Dolls and Vehicles.
Mattel has revealed its Q4 and full year 2023 financial results, outperforming the industry and finishing the year on strong footing heading into 2024.
2023 was a challenging year for many, leading to global declines for the Toy industry. According to Circana, the G12, comprising Australia, Belgium, Brazil, Canada, France, Germany, Italy, Mexico, Netherlands, Spain, United Kingdom and the United States, sales declined by 7% in 2023, versus 2022. However, Mattel’s results show the company bucked that trend by finishing the year flat, following a stellar Q4 performance which saw net sales soar +16% (+$1,621m) and Gross Billings in the International segment increase +7%.
Dolls (including Barbie, Monster High, and Disney Princess and Disney Frozen) and Vehicles (primarily Hot Wheels) were standout categories within Mattel’s portfolio, partly offset by declines in Action Figures, Building Sets, Games, and Other (primarily Action Figures), and Infant, Toddler, and Preschool (primarily Fisher-Price).
“2023 was a milestone year for Mattel,” said Ynon Kreiz, chairman and CEO of Mattel. We extended our leadership in our key toy categories and gained significant share overall, achieved extraordinary success with the Barbie movie, and further strengthened our financial position. Execution on our toy strategy was strong and we made meaningful progress in entertainment across film, television, digital and publishing. We ended 2023 with the strongest balance sheet we have had in years, putting us in an excellent position to execute our strategy to grow Mattel’s IP-driven toy business and expand our entertainment offering. As we look to 2024, we believe we are very well positioned competitively and will continue to outpace the industry and gain market share.”
Anthony DiSilvestro, CFO of Mattel, added: “In the fourth quarter, we achieved double-digit growth in sales and earnings. For the year, we grew POS, generated significant cash flow, and exceeded our Optimizing for Growth cost savings programme target. Looking ahead, we are launching a new cost savings programme focused on profitable growth and expect to improve profitability and continue share repurchases in 2024.”
