Holiday inventory clearance weighs on Mattel's results, tempering turnaround and profitability.
While narrow moat Mattel warned in its year-end results that the holiday season left the toy distributor with excess inventory to clear, we didn’t anticipate the resolution would lead to both top line and margin pressure to the magnitude that was achieved in the seasonally small first quarter. The haircut Mattel’s performance delivered tracked about $0.25 behind our implied EPS estimate of negative $0.12, as revenue dropped 15%, to $736 million, and gross margins were whacked by 680 basis points...Mattel is a global children's entertainment company that engages in the design and production of toys and consumer products. The company's portfolio of owned and licensed brands and products are organized into the following categories: Dolls, which include brands such as Barbie, American Girl, Enchantimals, and Polly Pocket; Infant, Toddler, and Preschool, which include brands such as Fisher-Price and Thomas & Friends, Power Wheels, Fireman Sam, and Shimmer and Shine (Nickelodeon); Vehicles, which include brands such as Hot Wheels, Matchbox, CARS (Disney Pixar), and Jurassic World (NBCUniversal); Action Figures, Building Sets, and Games, which include brands such as MEGA, UNO and WWE.
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