Road to Mattel’s Turnaround Improving, but Fisher-Price Could Offer Near-Term Brand Equity Headwinds
Barbie and Hot Wheels continued to carry the load for narrow-moat Mattel in its first quarter, with gross sales up 7% and 4% on an as-reported basis. Those two brands represented nearly 40% of sales, helping offset the ongoing declines the firm is experiencing in Fisher-Price and Thomas, which had gross sales that tumbled 8%. All in, this led to gross sales declines of 2% in the quarter, ahead of the 5% shortfall we had anticipated. Furthermore, structural simplification efforts began to pay off...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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