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Holiday toy sales boost Mattel 4th-quarter profit

Holiday toy sales boost Mattel 4th-quarter profit

Barbie maker Mattel Inc. said Friday that better sales of its classic toys over the holidays and cost-cutting helped its fourth-quarter profit rise 86 percent.
The No. 1 U.S. toy maker said sales of Barbie products rose 12 percent and Hot Wheels items were up 16 percent around the globe.
Mattel says it earned $328.4 million, or 89 cents per share. That compares with a profit of $176.4 million, or 49 per share, during the same period last year. Meanwhile, sales climbed 1 percent to $1.96 billion.
Analysts surveyed by Thomson Reuters expected the company to earn 68 cents on revenue of $1.98 billion.
The holidays are crucial to toy makers because they can make up to half of their annual sales during the quarter.
For the full year, Mattel earned $528.7 million, or $1.45 per share. That's a 39 percent increase from its 2008 profit of $379.6 million, $1.04 per share.
Full-year sales slipped 8 percent to $5.43 billion.
Mattel is based in El, Segundo, California. Its shares closed Thursday at $20.04.


Updated : 2021-05-06 17:21 GMT+08:00