Guests shop during a visit to the Malibu Barbie Cafe pop-up in New York City on May 17, 2023.
Brendan McDermid | Reuters
Call it a Barbie boost.
Mattel on Wednesday said Barbie sales jumped 16% in the third quarter, riding the wave of the blockbuster movie. The "Barbie" film, released in July, is largely responsible for the bump, Mattel said. It is the highest-grossing film this year, clearing more than $1.4 billion worldwide.
"Our results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel," CEO Ynon Kreiz said in the toy maker's third-quarter earnings release.
Here's what the company reported compared to what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:
Earnings per share: $1.08, adjusted vs. 86 cents, expected
Revenue: $1.92 billion vs. $1.84 billion, expected
For the period ending Sept. 30, Mattel reported a profit of $146.3 million, or 41 cents a share, down from $289.9 million, or 80 cents a share, a year earlier. Adjusted for one-time items, per-share profit was $1.08.
Revenue rose 9% to $1.92 billion.
Despite the positive report, shares of Mattel fell about 6% in after-hours trading Wednesday. As of Wednesday's close, shares were up over 12% so far this year.
"Barbie" marks Mattel's first big step into a broader strategy of using its intellectual property to inspire other potential blockbuster movies.
Barbie isn't the only Mattel brand seeing a substantial boost. Mattel said Hot Wheels sales jumped 22% when compared to the same three-month period last year. Earlier this year, car makeover competition series "Hot Wheels: Ultimate Challenge" premiered on NBC. Mattel also announced last year that a Hot Wheels film is in the works with Warner Bros., the studio behind "Barbie."
The toy maker boosted its full-year adjusted earnings per share outlook to a range of $1.15 to $1.25, up from $1.10 to $1.20. The company also upped its gross margin guidance to 48% from 47%.
The company said during its earnings call Wednesday that it expects strong profit growth during the holiday quarter despite a volatile retail environment.
Barbie is a 2023 fantasy comedy film directed by Greta Gerwig from a screenplay she wrote with Noah Baumbach. Based on the eponymous fashion dolls by Mattel, it is the first live-action Barbie film after numerous animated films and specials.
sales grew 16% as blockbuster movie became a phenomenon. Mattel reported earnings and revenue that came in higher than Wall Street's expectations. Barbie sales grew 16% during the third quarter, riding the wave of the blockbuster movie.
Mattel has calculated the revenue boost from the Barbie movie to be $125 million, including sales of dolls and related merchandise, and movie earnings. The majority of that revenue was realized in the third quarter, according to Mattel. Gross billings in the doll category were up 24%, and Barbie sales were up 14%.
In 2023, the Barbie brand was valued at approximately 700 million U.S. dollars, almost twice the value recorded just two years earlier. In terms of gross sales, however, Mattel generated about 1.68 billion U.S. dollars in 2021 and 1.54 billion U.S. dollars in 2023 from its Barbie brand.
Worldwide box office revenue of "Barbie" 2024, by region
As of Macrh 5, 2024, Greta Gerwig's very pink fantasy-comedy "Barbie" (2023) has collected more than 636 million U.S. dollars at the North American box office, garnering a total of 1.45 billion U.S. dollars worldwide.
The film was the biggest box office hit of 2023, grossing nearly $1.5bn (£1.18bn) worldwide, has been nominated for nine Golden Globes and propelled the company's leading product back into the cultural zeitgeist.
Increased Toy Sales: A successful Barbie movie could generate a surge in consumer interest and nostalgia for the iconic doll. This increased popularity might lead to higher demand for Barbie dolls and related merchandise.
Ryan Gosling and Margot Robbie as Ken and Barbie in "Barbie." Courtesy of Warner Bros. Greta Gerwig's "Barbie" movie pushed up sales for the iconic doll, Mattel execs say. Mattel's CEO said the movie had broadened Barbie's fan base and boosted revenues.
The film grossed $1.446 billion and achieved several milestones, including the highest-grossing film of 2023 and the 14th highest-grossing film of all time.
It's not just the organic nostalgia and universality around “Barbie” that contributed to its rocketing success — it was a savvy marketing campaign. From the get-go, it was clear it would be the summer of pink as several brands collaborated with “Barbie” and ads flooded social media.
The most expensive Barbie ever sold: Stefano Canturi Barbie
Created by Australian jewelry designer Stefano Canturi, this one-of-a-kind Barbie sold at auction house Christie's in 2010 for $302,500, and the proceeds went to the Breast Cancer Research Foundation, making this a surprisingly feel-good story.
Even in demanding positions, though, Barbie retained her fashion sense. Factoyd: Ninety percent of American girls own at least one Barbie doll, and the average girl owns 10!
We engage consumers through our franchise brands, including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®, Thomas & Friends®, UNO®, Masters of the Universe, Matchbox, Monster High, MEGA and Polly Pocket as well as other popular intellectual properties that we own or license in partnership with global ...
Barbie is available to stream on MAX beginning December 15. MAX will likely be the only streamer with the film for quite some time as they have a partnership with Warner Bros. That being said, don't hold out hope that Barbie will land on streamers like Netflix or Hulu anytime soon.
Mattel says Barbie sales grew 16% as blockbuster movie became a phenomenon. Mattel reported earnings and revenue that came in higher than Wall Street's expectations.
Barbie toy sales in the US increased 25% for the July-August combined months compared to the same two-month period a year ago, according to the most recent data from market research firm Circana, which tracks retailers' point-of-sale data.
Sales grew 9.3% to $1.92 billion, exceeding projections of $1.84 billion as shoppers snapped up Barbie dolls and other mainstays like Hot Wheels cars. Despite the quarterly gain, Mattel continues to expect full-year sales to match the $5.44 billion recorded in 2022.
Introduction: My name is Merrill Bechtelar CPA, I am a clean, agreeable, glorious, magnificent, witty, enchanting, comfortable person who loves writing and wants to share my knowledge and understanding with you.
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