{"id":41034,"date":"2023-07-27T04:59:26","date_gmt":"2023-07-27T08:59:26","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/mattel-results-potential-barbie-boost-overshadowed-by-still-sluggish-toy-demand\/"},"modified":"2023-07-27T04:59:28","modified_gmt":"2023-07-27T08:59:28","slug":"mattel-results-potential-barbie-boost-overshadowed-by-still-sluggish-toy-demand","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41034","title":{"rendered":"Mattel results: Potential \u2018Barbie\u2019 boost overshadowed by still-sluggish toy demand"},"content":{"rendered":"
\n

Mattel Inc. on Wednesday reported second-quarter results that beat estimates, but the toy maker held to its full-year outlook as the \u201cBarbie\u201d movie\u2019s blowout debut weekend clashed with continued muted demand for toys. <\/p>\n

Mattel
\n MAT,
\n +0.71%<\/bg-quote>
\n reported second-quarter net income of $27 million, or 8 cents a share, compared with $66 million, or 18 cents a share, in the same quarter last year. Revenue fell 12% to $1.09 billion, compared with $1.24 billion in the prior-year quarter. <\/p>\n

\n

Read more: <\/strong>Mattel says it wasn\u2019t just making a \u2018Barbie\u2019 movie, it was laying the groundwork for a film franchise<\/p>\n

Adjusted for severance and restructuring costs and the effects of the recall of an infant incline-sleeper product, Mattel earned 10 cents a share. <\/p>\n

Analysts polled by FactSet expected Mattel to report an adjusted per-share loss of 3 cents on sales of $1 billion. <\/p>\n

For the full year, Mattel said it still expected adjusted earnings per share of between $1.10 and $1.20, when factoring out currency fluctuations. <\/p>\n

Chief Financial Officer Anthony DiSilvestro said in a statement that retailers were still cautious about filling their stockrooms with more toys. But he said stores\u2019 efforts to clear out that inventory pileup \u2014 which occurred after higher prices for basics led to less demand for things like toys, clothes and electronics \u2014 were largely in the rearview mirror. <\/p>\n

\u201cWhile comparisons improved from the first quarter, our second-quarter financial results were negatively impacted as retailers continued to manage inventory levels and by some overall industry softness,\u201d he said. <\/p>\n

\u201cAt this point, we believe the retail inventory correction is mostly behind us, and we look forward to meeting consumer demand for our product as we enter the second half of the year and all-important holiday season,\u201d he continued. \u201cGiven our year-to-date performance and outlook for the balance of the year, we are reiterating our guidance.\u201d<\/p>\n

Shares fell 1.8% in after-hours trading. <\/p>\n

Mattel, which makes Barbie dolls, reported earnings Wednesday \u2014 after the debut Friday of the \u201cBarbie\u201d movie, which was produced by Warner Bros. Discovery Inc.
\n WBD,
\n +1.84%<\/bg-quote>
\n and raked in $155 million domestically and $182 million outside the U.S. over the weekend. The film \u2014 directed by Greta Gerwig and starring Margot Robbie and Ryan Gosling \u2014 had one of the biggest box-office weekends ever. <\/p>\n

Mattel Chief Executive Ynon Kreiz said \u201cBarbie\u201d was Mattel\u2019s \u201cfirst ever major theatrical film\u201d and that the film was \u201ca showcase for the cultural resonance\u201d of the company\u2019s intellectual-property cache of dolls and action figures. <\/p>\n

Barbie is already Mattel\u2019s most profitable franchise. But while customers bought lots of toys during the pandemic as an antidote to boredom, demand has been more sluggish since then. And inflation has forced more consumers to spend the money they have on necessities. At the beginning of the year, Mattel rival Hasbro Inc. announced plans to cut 15% of its workforce. <\/p>\n

Shares of Mattel are up 18.9% so far this year. But with investors already expecting a rebound for the company in the second half of 2023, some analysts said that while \u201cBarbie\u201d might help Mattel\u2019s toy sales, it might not do much more for the stock. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mattel Inc. on Wednesday reported second-quarter results that beat estimates, but the toy maker held to its full-year outlook as the \u201cBarbie\u201d movie\u2019s blowout debut weekend clashed with continued muted demand for toys. Mattel MAT, +0.71% reported second-quarter net income of $27 million, or 8 cents a share, compared with $66 million, or 18 cents […]<\/p>\n","protected":false},"author":1,"featured_media":41035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-41034","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nMattel results: Potential \u2018Barbie\u2019 boost overshadowed by still-sluggish toy demand | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Mattel Inc. on Wednesday reported second-quarter results that beat estimates, but the toy maker held to its full-year outlook as the \u201cBarbie\u201d movie\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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