Strong Barbie sales limit Mattel's Q2 loss
New York (AFP)
Better-than-expected sales of games and Barbie dolls helped offset much lower sales of Hot Wheels and Fisher-Price toys, limiting Mattel's losses in the second quarter, the toymaker said Thursday.
Mattel's results were a sign of the uneven impact of coronavirus lockdowns on demand for its array of toys, which also includes the Thomas and Friends and American Girl brands.
"We entered the second quarter with extensive retail closures and distribution challenges and had to absorb a full quarter of COVID-19 impact," said Mattel Chief Executive Ynon Kreiz in a news release.
"While revenues were down, they exceeded our expectations, particularly in North America, Barbie, and games, where we saw sales increases."
The toymaker still reported a second-quarter loss of $109.2 behind a 15 percent drop in revenues to $732 million.
Sales of Barbie rose seven percent during the period, much better than the 21 percent fall in Fisher-Price and Thomas & Friends and the 22 percent drop in Hot Wheels.
The toymaker said all its factories were now open after it experienced temporary closures of some manufacturing and distribution facilities early in the quarter.
Shares jumped 5.2 percent to $12.23 in after-hours trading.
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