Mattel Stock Surges; Barbie Sales Spike
EL SEGUNDO, Calif. (TheStreet) -- Mattel (MAT) shares jumped Friday morning after the toymaker beat top-line expectations despite a 33% profit decline as Barbie sales spiked 14%.
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) shares were 0.7% higher following an analyst upgrade. On Thursday, Hasbro missed top- and bottom-line first-quarter expectations as costs rose and demand for its toys and games weakened in the period following the holiday shopping season.
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