Mattel said first-quarter revenue rose 8% but profits fell year-over-year as costs increased.
Mattel said it earned $16.6 million, or 5 cents per share, in the quarter, down from $24.8 million, or 7 cents a share, a year earlier. Analysts expected Mattel to earn 4 cents per share in the quarter.
Net sales were $951.9 million, up from $880.1 million last year. The line item easily topped expectations for revenue of $903.7 million. Mattel said worldwide gross sales for its Girls & Boys Brands business unit rose 15% to $656.4 million. Barbie sales worldwide rose 14%. Mattel shares rose 4.6% to $26.91 in morning trading amid heavier-than-normal volume. Around 5 million shares were in play less than 90 minutes into the session, compared with their average daily volume of just 3.7 million. Rival Hasbro (HAS - Get Report) shares were 0.7% higher following an analyst upgrade. On Thursday,