The Blockbuster Boost for Barbie Mattel unveiled on Wednesday that the third quarter witnessed a significant 16% ascent in Barbie sales, crediting the cinematic marvel, “Barbie”, which premiered in July. Notably, this film not only stirred a global cultural fervor but also clinched the title of the top-grossing film of the year, amassing a whopping $1.4 billion across the globe.
Mattel’s Milestone Moment The overwhelming victory of the “Barbie” movie, as emphasized by Mattel’s CEO Ynon Kreiz, symbolizes a monumental juncture for the toy giant, catapulting its brand to an unparalleled zenith.
Earnings Overview: A Closer Glance Contrary to LSEG’s (formerly Refinitiv) anticipations, Mattel’s quarterly reports showcased:
- Earnings per share: A surprising $1.08 (adjusted) against the expected 86 cents.
- Revenue: A commendable $1.92 billion, surpassing the projected $1.84 billion.
Wrapping up the quarter on September 30, Mattel declared a net profit of $146.3 million. However, when juxtaposed with the prior year’s $289.9 million, the figures seem a tad subdued. Adjustments considering one-time items peg the per-share profit at an impressive $1.08. Reflecting on the total revenue, there’s a visible 9% augmentation, reaching $1.92 billion.
In a surprising turn of events, post the announcement, Mattel’s shares saw a 6% dip in after-hours trading, although the year-to-date growth still hovers around a positive 12%.
Diversifying Mattel’s Movie Magic The “Barbie” film marks the inception of Mattel’s ambitious foray into harnessing its intellectual assets to craft potentially lucrative cinematic ventures. But Barbie isn’t the sole beneficiary of this strategic shift. Mattel gleefully announced a 22% upswing in Hot Wheels sales, referencing the same quarterly timeframe from the previous year. Amplifying the brand’s visibility, the “Hot Wheels: Ultimate Challenge” series was launched on NBC earlier this year. Moreover, in collaboration with Warner Bros., the studio orchestrating the “Barbie” movie, Mattel divulged plans of a forthcoming Hot Wheels film.