Sales Increase For Mattel Inc (NASDAQ:MAT)
Mattel, Inc (NASDAQ:MAT)’s net income got a 16% boost from the sales of doll brands such as Monster High and Barbie. These brands are popular across the world and the holiday season has got-off to a healthy start. The company’s performance topped analyst’ estimates and its shares rose by 1.01% in Wednesday’s trading.
Mattel, Inc (NASDAQ:MAT)’s quarterly results come even as the company is all set for the holiday season which holds the potential to account for 50% of its annual revenue. Overall, there has been a drop in toy sales in Europe, Australia and North America. The video- game market hasn’t being performing too well and the economy has not been helping in any way. Today, a larger number of people are also veering towards tablets and smartphones. However, Mattel, Inc (NASDAQ:MAT), which is the largest toy maker in the United States has numerous popular brands and has fared considerably better than its rivals.
Bryan Stockton, the company’s Chief Executive Officer said that the he is pleased with the performance of the company even as they move into the holiday season. He said that as far as sales were concerned, the company’s revenue grew in every region across the globe. Barbie which is the No 1 brand did a turnaround from 4 consecutive quarters of decline and rose by 3% in the quarter. In general, there was very strong growth in the dolls segment.
In Wednesday’s trading, Mattel, Inc (NASDAQ:MAT) rose by 1.01%. The opening price of the shares was $43.50, which climbed to an intraday high of $43.74 and dipped to a close of $41.97. Approximately 7.43 million shares were traded on Wednesday while an average volume of 2.12 million shares were traded over a 30 day period. The 52-week low of Mattel, Inc (NASDAQ:MAT) shares is $34.85 and its 52-week high is $48.48. The company has a market capitalization of $14.46 billion.