Sales of Hot Wheels and Matchbox brands grow by 10 per cent in first quarter results.
Mattel’s worldwide net sales have enjoyed a five per cent increase in constant currency, following ‘steps taken to implement a rapid turnaround.’
In the North American region, the firm also saw first quarter gross sales increase by nine per cent in constant currency.
The results are cited as reflective of the work undertaken internally to revitalise core brands such as Barbie and Fisher-Price.
Worldwide gross sales for the Wheels category, including Hot Wheels and Matchbox brand, were up 10 per cent in constant currency.
On an international level, gross sales dropped 14 per cent with an adjusted operating loss of $14.6 million compared to adjusted income of $27.7 million in the first quarter of 2014.
Fuelled by results that saw worldwide gross sales for Mattel girls and boys brands rise one per cent in constant currency compared to the prior year, Mattel optimistic for high performance in the future.
“In the first quarter, we took steps to implement a rapid turnaround at Mattel,” said Christopher Sinclair, Mattel chairman and CEO.
“We are already benefitting from better decision-making, alignment and enhance accountability. And we have begun to refocus our culture on creativity, innovation and improving our speed to market.
“While we still have a lot of work to do, we are starting to see progress with our core brands like Barbie and Fisher-Price, and I am confident we are making the changes necessary to perform better in the future.”
