The house that Barbie and Hot Wheels built reported global net sales of $1.84 billion in the third quarter, a 4% decline versus the same period last year. Sales in North America fell 3%.
“We continue to execute on our multi-year strategy to grow our IP-driven toy business and expand our entertainment offering. In line with our priorities this year, we continue to improve profitability, expand Gross Margin, and generate significant cash flow. We expect topline growth in the fourth quarter driven by a good holiday season, market share gains and a toyetic theatrical slate and are well positioned for long-term growth and shareholder value creation.””
Reported operating income was $488 million, an improvement of $14 million. Adjusted operating income was $504 million, a decrease of $2 million. Reported earnings per share were $1.09, an improvement versus $0.41 per share. Mattel says its adjusted EBITDA of $584 million is an improvement of $5 million
For the first nine months of 2024, net sales dipped 2%. Looking ahead, the company expects sales for 2024 to be flat to slightly down compared to last year.
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