Mattel sales beat estimates, shares rise
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Mattel Inc’s quarterly net sales topped analysts’ estimates for the first time in six quarters as new Chief Executive Christopher Sinclair focuses on turning around the business in the face of flagging sales of Barbie (pic) dolls.
The toymaker reported a 2.5 percent decline in net sales in the three months ended on 31 March, during which Sinclair was appointed as interim CEO. He took the post permanently this month. Worldwide sales of Barbie dolls fell 5 percent on a constant currency basis, while sales of Fisher-Price preschool toys rose 3 percent.
Sinclair, a former PepsiCo Inc executive who has been on Mattel’s board since 1996, has said the company needs to move with a “sense of urgency” to create toys that connect with young customers.
Questions & Answers
Q.What was the overall sales performance for Mattel during the most recent quarter?
What was the overall sales performance for Mattel during the most recent quarter?
Mattel reported a 2.5 percent decline in net sales for the three months ending on 31 March. Despite this, the quarterly net sales still managed to exceed analysts' estimates, marking a positive shift for the company.
Q.Which of Mattel's key brands saw a decrease in sales, and which saw an increase?
Which of Mattel's key brands saw a decrease in sales, and which saw an increase?
Worldwide sales of Barbie dolls fell by 5 percent on a constant currency basis during the quarter. In contrast, the company's Fisher-Price preschool toys experienced a 3 percent rise in sales, showing mixed performance across brands.
Q.What is the new CEO's stated priority for turning the business around?
What is the new CEO's stated priority for turning the business around?
New Chief Executive Christopher Sinclair believes the company needs to act with a 'sense of urgency'. His focus is on creating toys that successfully connect with young customers to revive the business's fortunes.
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