Cars and girls drive Mattel improvement - ToyNews

Cars and girls drive Mattel improvement

Good performances from its girls properties and the Disney Cars licence has seen Mattel post an improved set of third quarter results.
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For the quarter, the company reported net income of $239m, compared to last year’s third quarter net income of $225.3m.

Sales were $1.79 billion, up seven per cent compared to $1.67 billion last year, and up 12 per cent in international markets. Operating income for the quarter of $322.2 million increased from $308.8 million in 2005, primarily due to the growth in sales and improvement in gross margin.

Worldwide gross sales for the Barbie brand were up one per cent while worldwide gross sales for other girls brands were up 16 per cent, due to continued growth from Pixel Chix and Polly Pocket. Sales of wheeled toys including the Hot Wheels, Matchbox and Tyco R/C brands, were down three per cent. Worldwide gross sales for the Entertainment business, which includes games and puzzles, were up 27 per cent for the quarter primarily due to the Cars toy line.

The firm has now completed the acquisition of Radica for $230 million. Since the transaction was completed in the fourth quarter, it was not included in the third quarter figures.

"I am pleased with our third quarter results. We had good performance across our portfolio, with especially strong contributions from Fisher-Price, the Cars entertainment property, and girls brands such as Polly Pocket and Pixel Chix," said CEO Bob Eckert.

"The Barbie business continued to show encouraging signs of stabilisation, with US sales increasing for the third consecutive quarter, and we generated early retail excitement with the introduction of TMX Elmo in September."



Good start for Mattel

Mattel has reported 2007 its first quarter financial results with net income down to $12 million but sales up to $940.3m.

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