Mattel's net income jumps 19% in Q2

Toy giant reports growth in core brands but overall worldwide net sales remain flat.
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Mattel saw its net income grow 19 per cent year-on-year to $96.2 million (£61.5 million) for the three months ending June 30th.

In comparison, last year Mattel generated $80.5 million (£51.5 million) in net income during its second financial quarter.

The company said core brands performed well during Q2 2012, with Barbie sales up five per cent year-on-year, Hot Wheels up 11 per cent, Fisher-Price up two per cent and American Girl up three per cent.

However, worldwide net sales remained flat during the same period, with Mattel citing an ‘unfavourable change in currency exchange rates of four percentage points’. North American gross sales were up one per cent while international gross sales were down one per cent.

Worldwide gross sales for Mattel’s entertainment business, which includes Radica and games, was down 36 per cent. Mattel said this was ‘primarily driven by decreases in the Cars 2 movie property’.

Mattel also purchased 70,000 shares of its common stock during its financial Q2 period, at a cost of around $2 million (£1.3 million).

Mattel CEO Bryan G. Stockton said: “In the second quarter, we delivered solid performance as we continued to build momentum with key brands, such as Barbie, Monster High, American Girl and Hot Wheels, as well as the Batman - The Dark Night Rises property, despite a continued cautious global retail environment and a strengthening US dollar.

“As we look forward, we remain focused on executing our portfolio of strong brands, countries and customers to deliver in the all-important holiday season.”

Mattel previously told ToyNews that 2012 will be a big year for Barbie and Batman.

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