Barbie and Toy Story 4 brought some much needed good news for Mattel. The toy company netted higher revenues and achieved its goals much earlier.
Reuters and Agence France-presse both report on the matter. We find out that revenues for Mattel in the second quarter of the year rose 2% to $860.1 million.
The loss for the company is $108 million. That is much, much lower than the $240.9 million loss for the same period a year ago.
As a result of the good quarter, Mattel says it has reached its full-year cost savings target 6 months ahead of plan. The company also expects to save another $100 million by the end of the year. This much smaller-than-expected loss pushed the shares of the company by 5%.
The main thanks go to Toy Story 4 toys and Barbie. Both netted big interest and therefore – sales. Meanwhile American Girl, Fisher-Price and Thomas & Friends netted declines.
Now Mattel wants to continue expanding into movie franchises.”Historically, it wasn’t an area we were focused on but going forward we are looking to do more. The success of ‘Toy Story’ is an example of our capabilities,” Chief Executive Officer Ynon Kreiz told Reuters.
The same goes for Hasbro, Reuters notes. Earlier this week Mattel’s main competitor also beat the expectations. One of the main reasons was all the toys for Avengers: Endgame.
