Mattel Soars With Sales Up on High Demand for Barbie, Hot Wheels

(Bloomberg) — Mattel Inc. rose sharply in after-market trading after exceeding sales expectations in the third quarter, as more customers snapped up Barbie dolls and Hot Wheels toys.The second-largest U.S. toymaker’s revenue rose 10% to $1.63 billion, beating analysts’ predictions of $1.46 billion. Adjusted profit was 95 cents a share, beating estimates of 39 cents, as Mattel continued to work on improving profitability.See more details.Key InsightsMattel has addressed inventory problems posed by the coronavirus, and expects a stronger-than-normal holiday buying season, Chief Executive Officer Ynon Kreiz said in an interview.The lack of new movie franchises tied to competing toy brands …read more

Source:: Yahoo Finance


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