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Mattel, the manufacturer of Barbie and Uno, has experienced its best quarter in six years. The restrictions due to Covid have led to a solid increase in toy sales.
Not just riding the wave
Toy manufacturers are still enjoying the effects of the coronavirus: Mattel, the manufacturer of Barbie dolls and Hot Wheels cars, among others, saw its net sales rise by 47 % in the first quarter. The company thus beat analysts’ expectations and achieved its highest quarterly turnover in six years.
Gross sales of Barbie dolls have more than doubled in North America, and its momentum continues as the second quarter started strongly as well, CEO Ynon Kreiz says. The company also gained market share and recorded double-digit sales growth for quarters in a row. “It shows that we did not just ride the wave,” Kreiz told Financial Times.
Forecasts up
Overall, Mattel recorded net sales of 874 million dollars (about 725 million euros), up from 594 million dollars last year. Analysts had expected 684 million dollars. E-commerce, in particular, grew more than half in the first quarter, but sales in stores are also picking up.
Nevertheless, the manufacturer of household names like Uno (card games) and the Jurassic World action figures keeps recording losses, albeit smaller: the net loss was almosed halved to 115 million dollars (95 million euros), coming from 211 million dollars a year ago. Operating profit rose to 31 million dollars (25 million euros), compared to 150 million dollars below zero a year ago.
Mattel has therefore raised its financial outlook for the current year. The company now expects net sales growth of between 6 and 8 %, and an EBITDA of between 800 and 825 million dollars.
