Inflation and supply chain issues are no match for the comeback kids at Mattel.
Following the completion of its turnaround efforts, Mattel Inc. scored another quarter of double-digit growth, with second quarter earnings beating estimates as net sales spiked 20% over the same period last year to hit $1.23 billion. The Q2 success was driven by big gains in select categories, including a 44% spike in global gross billings for the combined categories of action figures, building sets, games, and other toys.
Additionally, net sales were also up 20% for the first six months of the year alongside gains in other metrics, including operating income.
On a global scale, gross billings for vehicles, including Hot Wheels and Matchbox, grew 23%. Gross billings for infant, toddler, and preschool — including Fisher-Price and Thomas & Friends — grew 20%. Dolls, including Barbie and Polly Pocket grew 2%, weighed down by a 19% decline in American Girl.
Source: The Toybook