Guests store throughout a go to to the Malibu Barbie Cafe pop-up in New York City on May 17, 2023.
Brendan McDermid | Reuters
Call it a Barbie increase.
Mattel on Wednesday stated Barbie sales jumped 16% within the third quarter, using the wave of the blockbuster movie. The “Barbie” movie, launched in July, is basically chargeable for the bump, Mattel stated. It is the highest-grossing movie this 12 months, clearing greater than $1.4 billion worldwide.
“Our outcomes benefited from the success of the Barbie movie, which became a world cultural phenomenon, and marked a key milestone for Mattel,” CEO Ynon Kreiz stated within the toy maker’s third-quarter earnings release.
Here’s what the corporate reported in comparison with what Wall Street was anticipating, based mostly on a survey of analysts by LSEG, previously identified as Refinitiv:
- Earnings per share: $1.08, adjusted vs. 86 cents, anticipated
- Revenue: $1.92 billion vs. $1.84 billion, anticipated
For the interval ending Sept. 30, Mattel reported a revenue of $146.3 million, or 41 cents a share, down from $289.9 million, or 80 cents a share, a 12 months earlier. Adjusted for one-time objects, per-share revenue was $1.08.
Revenue rose 9% to $1.92 billion.
Despite the constructive report, shares of Mattel fell about 6% in after-hours buying and selling Wednesday. As of Wednesday’s shut, shares had been up over 12% to date this 12 months.
“Barbie” marks Mattel’s first large step into a broader strategy of utilizing its mental property to encourage different potential blockbuster films.
Barbie is not the one Mattel model seeing a substantial increase. Mattel stated Hot Wheels sales jumped 22% when in comparison with the identical three-month interval final 12 months. Earlier this 12 months, automobile makeover competitors sequence “Hot Wheels: Ultimate Challenge” premiered on NBC. Mattel additionally introduced final 12 months that a Hot Wheels movie is within the works with Warner Bros., the studio behind “Barbie.”
The toy maker boosted its full-year adjusted earnings per share outlook to a vary of $1.15 to $1.25, up from $1.10 to $1.20. The firm additionally upped its gross margin steering to 48% from 47%.
The firm stated throughout its earnings name Wednesday that it expects sturdy revenue progress throughout the vacation quarter regardless of a risky retail surroundings.
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