Mattel Beats Earnings Estimates as Barbie Makes a Comeback

This post was originally published on this site – Toy company Mattel (NASDAQ:MAT) on Thursday reported second-quarter results that topped expectations, underpinned by strong performance in North America and sales of Barbie dolls.

Mattel shares gained 5.33% in after-hours trade following the report.

Mattel announced a loss per share of 26 cents on revenue of $732.1 million. Analysts polled by anticipated LPS of 34 cents on revenue of $675.4 million.

The company attributed the beat on both the top and bottom lines to a better-than-expected increase in sales in North America, Barbie, and games.

Sales in the North America segment slipped 3% during the quarter and international sales slumped 33%.

“While revenues were down, they exceeded our expectations, particularly in North America, Barbie, and games, where we saw sales increases,” the company said.

Worldwide dolls sales fell 5% to $261 million, primarily driven by declines in Enchantimals, Polly Pocket and American Girl, partially offset by growth in Barbie.

Mattel shares are down 14% from the beginning of the year, still down 21.58% from its 52 week high of $14.83 set on January 29. They are under-performing the Nasdaq which is up 16.59% from the start of the year.

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