Mattel revenue beats on Barbie dolls, BTS K-pop band toys

(Reuters) - Mattel Inc reported a surprise jump in quarterly revenue on Tuesday as newer models energized demand for its flagship Barbie brand, while the launch of dolls based on Korean pop-sensation BTS lifted international sales. Worldwide Barbie gross sales rose 10% to $412.8 million in the third quarter, while analysts had expected a 1.2% drop on fears that demand would ease in the run-up to the release of the Disney princess movie 'Frozen 2', the doll rights to which are owned by Hasbro Inc . Mattel's international gross sales rose 10% to $721.7 million, lifted by sales of dolls based on Korean boy band BTS, which has dominated international music charts for over a year.

Reuters October 30, 2019 02:07:15 IST
Mattel revenue beats on Barbie dolls, BTS K-pop band toys

Mattel revenue beats on Barbie dolls BTS Kpop band toys

(Reuters) - Mattel Inc reported a surprise jump in quarterly revenue on Tuesday as newer models energized demand for its flagship Barbie brand, while the launch of dolls based on Korean pop-sensation BTS lifted international sales.

Worldwide Barbie gross sales rose 10% to $412.8 million in the third quarter, while analysts had expected a 1.2% drop on fears that demand would ease in the run-up to the release of the Disney princess movie "Frozen 2", the doll rights to which are owned by Hasbro Inc .

Mattel's international gross sales rose 10% to $721.7 million, lifted by sales of dolls based on Korean boy band BTS, which has dominated international music charts for over a year.

BTS and Barbie, which has been modernized with variants of based on popular celebrities, role models, different skin tones and professions, helped lift worldwide doll sales by 5%.

"The story around BTS shows how we're able to capture cultural trends and commercialize them," Chief Executive Officer Ynon Kreiz told Reuters.

Mattel, unlike rival Hasbro, said it was not seeing any cancellations by its retail partners ahead of a Dec.15 U.S. tariff deadline on Chinese toy imports.

"At this stage, we are not seeing any impact from tariffs and we don't expect anything this year," Kreiz said, adding consumer sentiment was strong heading into the crucial holiday season.

Hasbro missed quarterly profit estimates earlier this month, blaming higher shipping and warehousing costs from the uncertainty around tariffs.

Mattel's total quarterly net sales rose 3% to $1.48 bln from a year earlier year, while analysts had expected a fall of 0.5%.

Third-quarter profit rose to $70.6 million, or 20 cents per share, from $6.3 million, or 2 cents per share, also helped by an about 50% drop in provision for income taxes.

Excluding items, Mattel earned 26 cents per share. Analysts had expected a profit of 16 cents per share, but it was not immediately clear if the number were comparable.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.