Mattel CEO Ynon Kreiz said last weekend’s blockbuster release of Barbie – the toymaker’s first-ever major theatrical film – is a moment that “will be remembered as a key milestone in our company’s history.” His comments came amid second-quarter numbers in line with Wall Street forecasts.
“The Barbie movie is a showcase for the cultural resonance of our IP, our ability to attract and collaborate with top creative talent, and the capabilities of our franchise management organization. This also speaks to the potential of Mattel Films and the significant progress of our strategy to capture the full value of our IP,” Kreiz said.
Mattel execs are sure to talk more about the resurgence of its iconic doll at a conference call with investors at 5 pm ET.
Mattel saw revenue fall 12% to $1.087 billion. Net income dropped nearly 60% to $27 million, or 8 cents a share, from $66 million, or 18 cents in the year-earlier quarter. The business has been struggling with general softness, and as retailers continued to manage inventory levels, said CFO Anthony DiSilvestro. The Barbie impact — film and toy — won’t really hit until the current third and fourth quarters of the year.
More to come…