Mattel sales soared 47% as parents bought toys with stimulus checks, toymaker raises outlook

Earnings

In this article

Mattel Inc. Barbie brand dolls are displayed for sale at a Walmart Inc. store in Burbank, California, U.S., on Tuesday, Nov. 26, 2019. A PWC survey shows that 36% of consumers surveyed plan to shop on Black Friday. Deals will ultimately dictate where spending and visits go.
Bloomberg | Bloomberg | Getty Images

Toymaker Mattel said Thursday that its sales jump 47% as families spent more on toys for their children, helped by more disposable income due to government stimulus checks.

The company’s stock rose more than 7% in extended trading.

Mattel CEO Ynon Kreiz said the company has grown its market share for three consecutive quarters.

“We are strengthening our position as a consistent leader in the toy industry,” he said. “We believe we are very well-positioned to improve profitability and accelerate topline growth in 2021 and beyond.”

Here’s what the company reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Losses per share: 10 cents adjusted vs. 35 cents expected
  • Revenue: $874.2 million vs. $684.2 million expected

Mattel’s net loss narrowed to $115.2 million, or 33 cents per share, from a loss of $210.7 million, or 61 cents per share, a year earlier. 

Excluding items, Mattel lost 10 cents per share, which is less than the loss of 35 cents per share expected by analysts surveyed by Refinitiv. 

Revenue rose 47% to $874.2 million from $594 million a year ago, beating analysts’ expectations of $684.2 million.

Read the full earnings release here.

This is a breaking news story. Please check back for updates.

Articles You May Like

FAFSA opens early: Why families should apply for college aid now
This may be the ‘missing piece’ for investors looking to boost AI exposure
Hyundai expected to outsell Ford in third quarter as Detroit automakers lack hybrids
Here’s who attended the Trump-Xi state dinner
Nearly half the stocks in the S&P 500 are at cross purposes with the rest of the market

Leave a Reply

Your email address will not be published. Required fields are marked *