Guests store throughout a check out to the Malibu Barbie Cafe pop-up in New York City on May 17, 2023.
Brendan McDermid|Reuters
Call it a Barbie increase.
Mattel on Wednesday stated Barbie sales leapt 16% in the 3rd quarter, riding the wave of the hit film. The “Barbie” movie, launched in July, is mostly accountable for the bump, Mattel stated. It is the highest-grossing movie this year, clearing more than $1.4 billion around the world.
“Our results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel,” CEO Ynon Kreiz stated in the toy maker’s third-quarter profits release.
Here’s what the business reported compared to what Wall Street was anticipating, based upon a study of experts by LSEG, previously referred to as Refinitiv:
- Earnings per share: $1.08, adjusted vs. 86 cents, anticipated
- Revenue: $1.92 billion vs. $1.84 billion, anticipated
For the duration endingSept 30, Mattel reported a revenue of $1463 million, or 41 cents a share, below $2899 million, or 80 cents a share, a year previously. Adjusted for one-time products, per-share revenue was $1.08
Revenue increased 9% to $1.92 billion.
Despite the favorable report, shares of Mattel fell about 6% in after-hours tradingWednesday As of Wednesday’s close, shares were up over 12% up until now this year.
“Barbie” marks Mattel’s initially huge enter a more comprehensive method of utilizing its copyright to influence other prospective hit motion pictures.
Barbie isn’t the only Mattel brand name seeing a significant increase. Mattel stated Hot Wheels sales leapt 22% when compared to the very same three-month duration in 2015. Earlier this year, vehicle remodeling competitors series “Hot Wheels: Ultimate Challenge” premiered on NBC. Mattel likewise revealed in 2015 that a Hot Wheels movie remains in the deal with Warner Bros., the studio behind “Barbie.”
The toy maker improved its full-year adjusted profits per share outlook to a series of $1.15 to $1.25, up from $1.10 to $1.20 The business likewise upped its gross margin assistance to 48% from 47%.
The business stated throughout its profits call Wednesday that it anticipates strong revenue development throughout the vacation quarter in spite of an unstable retail environment.
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