Mattel is feeling encouraged by the progress made in its core brands this year, as it continues its turnaround efforts in the face of its latest financial results.
The global toy firm has said it remains comfortable with its full-year outlook and the steps forward its is taking on re-energising the company, despite the dip in its third quarter results this year.
The California-based company posted quarterly net income of $223.8 million compared to $331.8 million it saw for the same period last year.
The firm’s net sales slipped 11.3 per cent to $1.79 billion, whiles sales dipped four per cent in constant currency.
Worldwide gross sales for Mattel girls and boys brands slipped five per cent in constant currency to $1.12billion. Sales for Fisher-Price brands gained one per cent in constant currency, taking its revenue to $625.3 million for the third quarter.
“Our results for the quarter, excluding the significant impact from currency exchange rates, were broadly in line with our expectations at this stage of our turnaround,” said Christopher Sinclair, Mattel chairman and CEO.
“Importantly, we are very encouraged by the progress we are making on re-enrgising the company, building momentum in our core brands, improving retail execution, reducing costs and building scale in key emerging markets.
“As we continue our turnaround efforts, we remain comfortable with our full-year outlook.”