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Mattel Inc. recently reported its earnings and revealed a 16% growth in sales. This big gain just helped the company to recover from a slump.
The American toy manufacturing and entertainment company said that the huge increase in its sales was driven by the phenomenal "Barbie" movie that raked in more than a billion when it was released worldwide in July. Mattel also credited its Hot Wheels toy car brand for the surge that lifted its third-quarter results.
Mattel's Q3 Report - Sales from "Barbie"
Mattel reported a nine percent increase in net sales to $1.92 billion in the third quarter of this year. The company shared it was able to reach this amount mostly due to the overwhelming success of Barbie and Hot Wheels toys, as per CNN Business.
The film, starring Margot Robbie and Ryan Gosling, was also listed as the highest-grossing movie in 2023. The film is also the top-grosser in Warner Bros.' 100-year history. With its $1.4 billion ticket sales worldwide, it is clear that it also helped Mattel, the maker of the Barbie dolls, big time.
Successful Execution of the Turnaround Plan
Moreover, the increased sales of Mattel is not surprising given the results of the "Barbie" movie at the box office. The company's CEO also revealed that the movie's popularity pushed their toy products to sell out.
In any case, it was said that Mattel has been coming up with plans to revive sluggish sales, and the recent results showed they could use their plan well. Now, the company will produce more toys related to Barbie to take advantage of its popularity, which is still part of the strategy for further growth.
"Mattel's strong third quarter performance reflects the successful execution of our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering," Mattel's chairman and chief executive officer, Ynon Kreiz, said in a press release. "Consumer demand for our product increased in the quarter, and we continued to outpace the industry. Our results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel."
Anthony DiSilvestro, the company's chief financial officer, also said, "Our performance in the third quarter was comprehensive with topline growth, market share gains, adjusted gross margin expansion, and significant free cash flow improvement."
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