Mattel saw its toy sales and earnings tumble during the fourth quarter as its best known brand, Barbie, is set for a Hollywood movie adaptation that stars Margot Robbie. During the fourth quarter, Mattel posted overall revenues from holiday season sales at $1.4 billion, which was down 22 percent from a year-earlier $1.79 billion and a miss on an analyst estimate of $1.68 billion revenue. Mattel also saw net income tumble to $16.1 million, compared to $225.8 million in 2021, and the adjusted earnings per-share came to 18 cents, against a year-earlier 53 cents, and another miss on a 29 cents consensus among analysts for the latest quarter. “Our fourth quarter results were below our expectations, as the macro-economic environment was more challenging than anticipated,” Ynon Kreiz, chairman and CEO of Mattel, said in a statement after missing on Wall Street expectations on Wednesday. “We believe we are well-positioned to continue executing our multi-year strategy to grow our IP-driven toy business and expand our entertainment offering,” he added. And during an analyst call, Kreiz said Mattel expects point-of-sale toy growth in 2023, despite market headwinds. “Given continuing macro-economic headwinds and market volatility that may impact consumer demand, we expect the
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Mattel Sales, Earnings Tumble in Fourth Quarter – The Hollywood Reporter
