NEWS

Mattel shares rise after better than anticipated results

Published on: 17th April 2015

Mattel has posted first quarter earnings results that were better than Wall Street expected, sending its shares 6% higher.Mattel-wordpress

Mattel reported $922.7 million in first quarter revenue, a figure that represents a 2% year-on-year decline, but is well above the $898 million predicted by analysts.

Christopher Sinclair, Mattel’s new chairman and CEO, says that the toymaker is refocusing on creativity and the speed at which it brings toys to the market.

He commented: “In the first quarter, we took a number of steps to implement a rapid turnaround at Mattel. While we still have a lot of work to do, we’re starting to see progress with our core brands like Barbie and Fisher-Price, and I am confident we are making the changes necessary to perform better in the future.”

Though Barbie sales were down 5%, Mattel said that weakness in the international markets offset domestic demand for the Barbie brand. Worldwide gross sales for the Wheeled category— the division including Hot Wheels and Matchbox toys — were up 10% on a constant currency basis. Overall, the boys and girls segment brought in $605.2 million in gross sales for the quarter, a 1% increase on a constant currency basis.

Fisher-Price sales grew 3% to $264 million, while the American Girls brand revenue held flat at $106.1 million.

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