Mattel unveils second quarter outcomes – Toy World Journal | The enterprise journal with a ardour for toysToy World Journal

The newest Mattel outcomes report one other strong quarter, as Web Gross sales declined marginally whereas Reported Working Revenue rose considerably.

For the second quarter, Mattel’s worldwide Web Gross sales had been down 1% as reported, and comparable in fixed forex, versus the prior yr’s second quarter. Reported Working Revenue was $83 million, an enchancment of $20 million, and Adjusted Working Revenue was $96 million, an enchancment of $21 million.

For the primary six months of the yr, Web Gross sales declined 1% as reported and in fixed forex, versus the prior yr’s first six months.

Web Gross sales and Gross Billings within the North America phase decreased 3% as reported and in fixed forex, resulting from declines in Toddler, Toddler, and Pre-school (primarily Pre-school Leisure and Child Gear & Energy Wheels, partially offset by progress in Fisher-Worth), Dolls (primarily Barbie), and Autos (primarily Matchbox and Scorching Wheels), partly offset by progress in Motion Figures, Constructing Units, Video games, and Different (primarily Video games).

Web Gross sales within the Worldwide phase elevated 2% as reported, or 3% in fixed forex. Gross Billings within the Worldwide phase decreased 1% as reported and had been comparable in fixed forex, resulting from declines in Dolls (primarily Barbie and Disney Princess and Frozen), and Motion Figures, Constructing Units, Video games, and Different (primarily Motion Figures, partially offset by progress in Video games), partly offset by progress in Autos (primarily Scorching Wheels), and Toddler, Toddler, and Pre-school (primarily Fisher-Worth).

Ynon Kreiz, chairman and CEO of Mattel, commented: “This was a very good quarter for Mattel, the place we achieved important gross margin enlargement, and progress in Adjusted EBITDA and Adjusted EPS. We additional strengthened our steadiness sheet and greater than doubled free money stream within the trailing twelve-month interval. Mattel is properly positioned for the second half, with new product innovation and elevated retail help. We’re in a powerful monetary place to execute our technique to develop our IP-driven toy enterprise and broaden our leisure providing.”

Anthony DiSilvestro, CFO of Mattel, added: “Mattel achieved one other quarter of elevated profitability. We proceed to generate important money stream and are executing our capital allocation priorities, with the expectation to proceed share repurchases within the second half of the yr. We count on to realize our 2024 steering and develop each gross sales and earnings in 2025.”