Mattel: 3rd quarter 2023 financial results

Mattel, Inc. has announced its financial results for the third quarter of 2023.

Here are some of the highlights from the third quarter of 2023 compared to last year:

• Net Sales of $1,919 million, up 9% as reported, or 7% in constant currency
• Gross Margin of 51.0%, an increase of 280 basis points; Adjusted Gross Margin of 51.0%, an increase of 270 basis points
• Operating Income of $474 million, an increase of $82 million; Adjusted Operating Income of $506 million, an increase of $108 million
• Net Income of $146 million, which includes a non-cash charge of $212 million relating to the establishment of a valuation allowance on foreign deferred tax assets, compared to prior year Net Income of $290 million

“Mattel’s strong third quarter performance reflects the successful execution of our strategy to grow Mattel’s IP-driven toy business and expand our entertainment offering. Consumer demand for our product increased in the quarter, and we continued to outpace the industry. Our results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel.”, said Ynon Kreiz, Chairman and CEO of Mattel.

For the full report, click on the link in the source link.

Source: www.corporate.mattel.com