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The company reported adjusted earnings per share of $0.10 on revenue of $1.09 billion. Analysts were looking for a loss per share of $0.04 on revenue of $998 million. Revenue fell 12% year-over-year as Barbie sales declined 6% to $282.7M.
Ynon Kreiz, Chairman and CEO of Mattel, said: “Mattel’s second quarter financial results were in-line with our expectations. We significantly increased free cash flow and continued to gain market share. Importantly, this moment will be remembered as a key milestone in our company’s history with the release of the Barbie movie, our first ever major theatrical film.”
The total dolls gross billings rose almost 10% to $440.5M. The company is yet to feel a more significant financial boost from the ongoing Barbie frenzy.
On a full-year basis, the company reported adjusted EPS of $1.15, in line with the consensus.
“While comparisons improved from the first quarter, our second quarter financial results were negatively impacted as retailers continued to manage inventory levels and by some overall industry softness. At this point, we believe the retail inventory correction is mostly behind us, and we look forward to meeting consumer demand for our product, as we enter the second half of the year and all-important holiday season,” added CFO Anthony DiSilvestro.
