And the major reason for that is Barbie, USA Today reports. The popular dolls remain as beloved as before and the new series are enjoying success.
“Barbie continued its strong momentum with growth across all regions,’’ Ynon Kreiz, Chairman and CEO of Mattel, said Thursday in an earnings call with investors.
Gross sales in North America were up 6% for the third quarter of the year. Mattel nets a $63 million profit compared to a loss of $603.3 million last year.
Still, Toys R Us did impact Mattel’s sales. Gross sales were down 6% overall. So, if the toy store chain was still around, Mattel would probably have and even bigger profit.
“Given the magnitude of the Toys R Us disruption expected in the fourth quarter this year, gross sales are likely to decline,’’ Kreiz says. Mattel expects this impact to “subside” during 2019 as many other retailers are going to rush to the toy market.