'Barbie' boom helps Mattel lift annual profit target after bumper sales
© Reuters. Barbie dolls, a brand owned by Mattel, are seen at the FAO Schwarz toy store in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew Kelly/File photo -Mattel smashed third-quarter results estimates on Wednesday and lifted its annual earnings forecast ahead of the key holiday season, as the toymaker benefited from the box-office success of the"Barbie" movie.
However, its shares, which have risen roughly 13% so far this year, were down about 8% in extended trade. Kreiz told Reuters that Mattel had"greater retail support compared to the prior year, with more shelf space, more representation on major holiday catalogs and more advertising". Worldwide gross billings, or the amount invoiced to customers, for Mattel's Dolls segment rose 24% in constant currency for the quarter.
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