Mattel CEO Ynon Kreiz informed CNBC’s Jim Cramer that the corporate’s extremely anticipated Barbie movie completed production on Thursday.
“What is particular now’s that as we speak, we truly wrapped production, principal images, for the Barbie movie, exactly one year before we release it theatrically worldwide with our companions, Warner Brothers. … Look out for that,” Kreiz mentioned in an interview on “Mad Money.”
The chief government has beforehand known as the movie, starring Margot Robbie and Ryan Gosling and directed by Greta Gerwig, a “cultural event.”
The movie is a part of Mattel’s broader shift in technique to turning into an IP, or mental property, firm that produces extra than simply toys.
“As we proceed to develop the toy aspect of the enterprise, we’re additionally placing collectively a technique and persevering with to see progress in our IP and capturing worth in our unbelievable franchises exterior of the toy aisle,” Kreiz mentioned.
Mattel beat Wall Street estimates on earnings and income in its second quarter outcomes after the shut on Thursday. The toymaker reported earnings of 18 cents per share ex-items on income of $1.24 billion, in contrast with expectations of 6 cents per share on revenues of $1.10 billion. This is in response to estimates from Refinitiv.
Kreiz famous in his “Mad Money” interview that the dolls phase grew by 5% in Mattel’s newest quarter, led by Barbie and Polly Pocket. Barbie grew by 7%, he added.
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