Mattel improves in Q2

Mattel reports second quarter financial results, with profits and turnover both improving.
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Net income was $43.1 million, compared to last year's second quarter net income of $37.4 million. Last year's quarterly net income was positively impacted by tax benefits of approximately $6.2 million, primarily relating to an audit settlement with a state tax authority.

"Overall we had a good quarter, especially given the comparisons with strong sales from movie-related toys in last year's second quarter," said Bob Eckert, chairman and chief executive officer of Mattel. "While the first half is not particularly significant to the highly seasonal toy industry, our positive results continue to reflect the benefits of our diversified portfolio of global brands."

Net sales were $1.02 billion, up seven per cent compared to $957.7 million last year. On a regional basis, second quarter gross sales decreased three percent in the US and increased 18 per cent in international markets.

Operating income for the quarter was $63.5 million, compared to prior year's operating income for the quarter of $49.9 million.

For the quarter, worldwide gross sales for the Mattel Girls and Boys Brands business unit were $638.4 million, up five per cent against a year ago.

Worldwide gross sales for the Barbie brand were up six per cent, with increases in international markets more than offsetting declines in the US. Worldwide gross sales for Other Girls Brands were down one per cent. Worldwide gross sales for Wheels, which includes the Hot Wheels, Matchbox and Tyco R/C brands, were up 20 per cent, led by double-digit growth in the Hot Wheels and Matchbox lines. Worldwide gross sales for the Entertainment business, which includes Radica and Games and Puzzles, declined two per cent.

Second quarter worldwide gross sales for Fisher-Price were $410.4 million, up 12 per cent on the prior year.

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