Mattel reports spike in sales thanks to Barbie
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Barbie’s pink blockbuster wave is still going strong for Mattel.

Despite pressure on company profits on other fronts, Barbie’s success and Hot Wheels toys allowed the toy manufacturer to grow its net sales 9% to $1.92 billion in the third quarter of 2023.

During the third quarter, Mattel’s worldwide gross billings, or the amount invoiced to customers, rose 27% to $885 million. Compared to the same quarter last year, Hot Wheels vehicles accounted for $519 million, an increase of 18%.

While the global toy industry was facing headwinds, the company remained tepid about its outlook. As expected, Mattel’s sales for the full year will match those for 2022, at $5.4 billion.

According to the company’s earnings release, “the company operates in a challenging macroeconomic environment with higher volatility, including inflation, which may impact consumer demand.”

As compared to a year ago, the company reported $289.9 million in net income during the quarter, down 50%.

In after-hours trading, Mattel shares fell by up to 8%.

Net sales in North America rose by 10% in the third quarter, driven by Barbie, Disney Princess, Monster High, and Disney Frozen doll sales. Aside from Hot Wheels toys, customers also purchased action figures, building sets, and games, which partially offset the declines. Sales in these categories were also strong internationally.

There was a 13% decline in sales of the 18-inch doll line.