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,
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%.
