Mattel reports sales spike following Barbie movie

Mattel sales spike overview: 

• Who: Toy company Mattel revealed in its third quarter earnings report that its sales grew by 13% during the period, exceeding previous expectations. 
• Why: Mattel has attributed much of its sales increase to the success of Barbie, a movie that grossed more than $1.4 billion worldwide following its July release and that is based off the company’s flagship product line. 
• Where: Mattel products are available to consumers nationwide and sold in more than 150 countries around the world. 

Toy company Mattel reports that its sales grew by 16% during the third quarter, following the blockbuster success of the Barbie movie — which grossed more than $1.4 billion worldwide after its July release.  

The Barbie movie, which was named after and based on Mattel’s flagship product, has been largely attributed by the company for its higher-than-expected third quarter earnings, reports CNBC. 

“Our results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel,” CEO Ynon Kreiz said, in a statement from the company’s third-quarter earnings release. 

Mattel reported that it earned $1.08 per share during the third quarter, compared to expected earnings per share of 86 cents, and achieved $1.92 billion in total revenue, compared to $1.84 billion that was expected. 

Mattel increases full-year adjusted earnings per share outlook amid higher sales from product lines like Barbie, Hot Wheels 

In addition to benefiting from its Barbie line, Mattel also reported sales of its Hot Wheel product increased by 22% compared to the same three-month period from the year prior, reports CNBC. 

The increase in Hot Wheels sales reportedly comes following the release of a car makeover competition series called “Hot Wheels: Ultimate Challenge” that premiered on NBC. 

Mattel has updated its full year 2023 guidance to incorporate a full-year adjusted earnings per share outlook increase of $1.15 to $1.25 per share, up from a prior guidance of $1.10 to $1.20 per share. 

“Mattel’s guidance takes into account what the company is aware of today but remains subject to further volatility and any unexpected disruption,” the company said. 

In other news involving Mattel, the company agreed to drop a complaint last year that it had filed against Rap Snacks over claims its Nicki Minaj-branded Barbie-Que Honey Truffle Potato Chips infringed on Mattel’s Barbie trademark. 

Have you recently purchased a Barbie product? Let us know in the comments! 

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