Mattel reports solid third-quarter earnings
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Mattel Inc. reported a 6.2% rise in profit and a 9% increase in sales for the third quarter thanks to strong demand for Barbie, other doll lines and ‘Cars 2'-related toys.
For the three months ended Sept. 30, the nation’s largest toymaker, based in El Segundo, reported profit of $300.8 million, or 86 cents a share, compared with $283.3 million, or 77 cents, in the year-earlier quarter.
‘Not only have we continued to benefit from the strength of our core brands, but this year’s big entertainment property, ‘Cars 2,’ is also fueling momentum,’ said Robert A. Eckert, Mattel’s chief executive.
Heading into the holiday season, the most important time of the year for the toy industry, Eckert said the company was ‘keenly focused’ on delivering growth in its core brands and entertainment properties, expanding its international footprint and building its newest franchise, the Monster High doll line.
Sales for the quarter were $2 billion, up 9% compared with $1.83 billion for the same quarter last year. Sales rose 6% in the U.S. and 13% in international markets, the company said.
Sales were up 17% for Barbie; 32% for Mattel’s ‘other girls brands’ such as Disney Princess and Monster High; and 14% for its entertainment business, which includes games, puzzles and ‘Cars 2' merchandise.
Mattel’s Fisher-Price Brands unit had softer sales, rising 1% to $748.9 million.
Shares of Mattel were down less than 1% to $27.51 at 10:45 a.m. Pacific time.
-- Andrea Chang