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The huge success of the Barbie movie gave Mattel’s business a strong boost in the last quarter. But the toy giant is being cautious about its Christmas business. Despite the recent headwind, Mattel is forecasting 2023 sales to be on par with the previous year’s $5.4 billion alone.
The company indicates an uncertain economic situation. Investors then allowed the shares to fall more than 10 percent in early U.S. trading on Thursday.
The “Barbie” movie, released in the summer, grossed more than a billion dollars worldwide, and Mattel is making money off it, too. The interest also increased toy sales. While business in the doll division has increased by 27 percent year-on-year, it has often weakened in recent years due to the trend towards digital games. According to previous estimates, the film is expected to bring in around $125 million to Mattel’s coffers.
Mattel boss Ynon Kreiz emphasized that the “Barbie” movie has become a “cultural phenomenon.” He wants to transform Mattel from a toy manufacturer into an entertainment company. More than a dozen films about Mattel toys have already been announced – for example, about Hot Wheels cars and Polly Pocket figures.
Speaking on US business channel CNBC, Kreiz said, “We are not claiming that every movie will be as successful as ‘Barbie.’ But they will be approached with the same approaches. With “Barbie,” Mattel gave filmmaker Greta Gerwig a lot of freedom to tell a feminist story. he recognized it and had no problem with the film providing a lot of laughs at the expense of the company’s board of directors.
Quarterly sales rose nine percent year-on-year to $1.9 billion (1.78 billion euros), Mattel announced after the U.S. stock market closed on Wednesday. In previous quarters the group had repeatedly struggled with declines in sales. As a result, profits fell from $290 to $146 million. However, the reason for this was the tax provision of $ 212 million. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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