Mattel publishes results for the second quarter of 2023
US toy manufacturer Mattel has published its financial results for the second quarter of 2023. Reported net sales decreased 12% from the second quarter of the prior year. Reported operating income was $63 million, a decrease of $62 million.
For the first six months of the year, reported net sales decreased 16% compared to the first six months of the prior year. Operating loss was $52 million, a decrease of $257 million.
Net sales in North America decreased 18% in constant currency compared to the second quarter of the prior year, while international net sales decreased 3%. Selling, general and administrative expenses decreased $19 million to $324 million, primarily due to cost management actions and savings from the Optimization for Growth program, the company said.
According to CEO Ynon Kreiz, the results were in line with the company's own expectations and the release of the Barbie movie marked an important milestone in the company's history in terms of brand awareness.