Mattel Pays to Maintain Consumer Acquisition Momentum; Margin Degradation in Key Holiday Period
Narrow-moat Mattel reported relatively disappointing fourth-quarter results, indicating that while it might be holding firm on shelf space, it could be doing so at a cost. Gross margin declines of 320 basis points, to 47%, were tempered by a multitude of factors including higher discounting, rising promotional costs, foreign exchange and inflating input expenses, which couldn’t be offset by cost savings initiatives. The adjusted SG&A expense ratio, which contracted 140 basis points, to 18.5%...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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