Mattel 2nd-Quarter Net Rises 20% as Barbie, Hot Wheels Sales Grow |
| Wall Street Journal - Jul 17, 2012 |
Mattel Inc.'s (MAT) second-quarter earnings rose 20% as price increases helped lift margins, while Barbie, Hot Wheels and Fisher-Price sales rose enough to almost match last year's lofty growth, which was driven by "Cars 2" products.
Results easily exceeded Wall Street's expectations, sending Mattel's shares up 9% to $33.84 in recent trading Tuesday and lifting rival Hasbro Inc. (HAS), which is due to report second-quarter results next week, up 3% to $33.41. Mattel's was the biggest gain in the S&P 500 Tuesday.
The largest U.S. toy maker by revenue notched sales growth across nearly all categories, and Chief Executive Bryan Stockton struck a bullish tone, saying Mattel is building momentum with important brands like Barbie, Hot Wheels and toys tied to "Batman: The Dark Knight Rises" despite a cautious global retail environment. "Batman"--one of the more highly anticipated movies being released this year--hits U.S. theaters later this week and should be a boon for Mattel, which sells a line of toys tied to the film.
While many observers have fretted about the state of the physical-toy industry as children spend more time playing with smartphones and tablet computers, early second-quarter results from Mattel and Jakks Pacific Inc. (JAKK) showed some buoyancy as sales figures from both firms exceeded Wall Street's expectations.
Read Full Article from Wall Street Journal
- Posted: 2012-07-17 13:03:55
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