Mattel reports solid Q2 - ToyNews

Mattel reports solid Q2

Firm sees increased sales for Barbie and Hot Wheels and a strong start for Toy Story 3 line.
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Mattel has reported its second quarter results, with worldwide net sales up 13 per cent. Domestic gross sales increased by 17 per cent and international sales rose by nine per cent.

For the first quarter, the firm has recorded a net income of $51.6 million, compared with $21.5 million in Q2 2009. Net sales were $1.02 billion, an increase of 13 per cent compared to the $898.2 million last year.

Bob Eckert, chairman and CEO of Mattel, commented: "I am pleased with the continued solid performance across our portfolio of brands and countries, particularly Barbie and Hot Wheels, as well as the stellar contribution of the much anticipated Toy Story 3 property.

"With the all important second-half of the year ahead of us, I am encouraged by the strong momentum of our product line, which boasts some of the industry's most innovative and exciting toys that deliver terrific play value for both parent and child."

Mattel's girls and boys brands, saw worldwide gross sales of $653.2 million, up 21 per cent over a year ago.

Worldwide gross sales for the Barbie brand were up six per cent, while other girl brands rose three per cent - mainly driven by the Disney Princess doll line. The Wheels business, meanwhile - including Hot Wheels - saw gross sales rise by five per cent.

In the entertainment business, which includes Radica and Games & Puzzles, sales were up 60 per cent. This was primarily driven by growth in the Toy Story 3 and WWE properties, as well as core games.

Sales in the Fisher-Price business unit rose by four per cent for the quarter to $385.2 million.

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