Home Stock Market Mattel shares rebounded after Q1 sales nearly doubled

Mattel shares rebounded after Q1 sales nearly doubled


Shares of Mattel Inc. increased late Thursday after the toy maker reported narrower-than-expected quarterly losses and said its sales nearly doubled.

Mattel
MAT,
+ 0.14%

said they lost $ 115 million, or 33 cents a share, in the first quarter, compared with a loss of $ 211 million, or 61 cents per share, in the first quarter of the previous year.

Adjusted for one-off items, the company lost 10 cents a share, compared with 56 cents a share a year ago.

Mattel said revenue increased 47% to 874 million, from 594 million a year ago. Mattel said worldwide total sales for dolls increased 69% to $ 381 million, largely thanks to the growth of Barbie and American Girl.

Analysts polled by FactSet believe that Mattel will report adjusted losses of 35 cents a share on revenue of $ 684 million.

“Although this quarter’s growth was partly driven by COVID-related comparisons over the years, we believe that overall, our outstanding performance is due to brand strength, quality. and the breadth of our products, world-class, global supply chains. The commercial capacity and demand creation is very effective with close cooperation with our retail partners, ”said CEO Ynon Kreiz in a statement.

Stocks ending the normal trading day rose 0.1%.

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