Turnaround presses on at Mattel as company attempts to restore competitive edge and profitability.
Narrow-moat Mattel continues its quest to squeeze $650 million in costs (15% of sales) out of its business over the next two years. We believe the turnaround is under way, but it could extend beyond the anticipated timeline, particularly as Mattel’s near-term priority remains on cleaning up pockets of global inventory. We view this as a riskier undertaking in light of more tempered end-user demand. However, we’ve incorporated reduced inventory initiatives over the next year (with inventory down ...
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