The toy giant Mattel closed the year 2018 with a loss of 237 million US dollars. The highlights were Barbie and Hot Wheels, who achieved record results.

Less bad than in the previous year – this is Mattel’s conclusion for the 2018 financial year. The Group achieved net sales of 4.51 billion US dollars. This was accompanied by an operating loss of 237 million US dollars. This is an improvement of more than $100 million compared to 2017, the company said. The main reasons were the insolvency of Toys “R “Us and weaker business in China. The cost-cutting program, on the other hand, is bearing fruit. 521 million dollars were saved last year alone.

Ynon Kreiz, Chairman and CEO of Mattel: “We continue to focus on driving our strategy to restore profitability and revenue growth in the short to medium term and create the conditions to leverage the full value of our intellectual property in the medium to long term. After three consecutive quarters of solid, disciplined execution, we are well on our way to becoming an IP-powered, high-performance toy company and creating long-term value for our shareholders.”

Mattel Reports 15 Percent Revenue Growth at Barbie

Cost savings were achieved primarily through restructuring, raw materials and equipment, sales and administration. A look at Mattel’s divisions is particularly interesting, as they were characterised by conspicuous sales figures. Hot Wheels recorded the highest gross sales in its history. The figures here rose by nine percent, one reason being probably the 50th anniversary. Barbie continues to make the hearts of children and Mattel’s sales beat faster. A plus of 15 percent was recorded here. In contrast, the turnover of Fisher-Price and Thomas & Friends fell by 13 percent. Less was also converted with products of mega and Cars.

New films, series and product lines planned

Joseph Euteneuer, CFO of Mattel, is optimistic: “Looking to the future, we have ample opportunity to improve our financial performance across a broad front as our business strategy continues to gain momentum in the marketplace.” This year, the company has a number of plans. In mid-February, for example, the Group announced the launch of 22 new TV programs based on Mattel characters and licenses. In addition, a live-action film based on Mattel’s American Girl line will be developed together with Metro Goldwyn Mayer Pictures.┬á The launch of the Fisher Price pre-school toy line “Rescue Heroes” is planned for summer.

 

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Link: Toy giant Mattel has announced its financial figures for 2018

Image: Mattel

//KH