Mattel

Financial1 pages

SEC 10-Q filing for Mattel, filed 2023-08-01.

Mattel's net sales decreased across most geographic areas and product categories in Q2 2023 compared to Q2 2022, with total net sales falling from $1,235,687 to $1,087,164. North America sales dropped from $759,291 to $624,452, and International sales decreased from $476,396 to $462,712.
Gross margin declined to 42.7% in Q2 2023 from 45.2% in Q2 2022, primarily due to unfavorable foreign currency exchange (210 basis points), inventory management efforts (110 basis points), cost inflation (100 basis points), and unfavorable product mix (350 basis points).
Mattel reported a net income of $27,187 thousand for Q2 2023, a significant improvement from a net loss of $106,471 thousand in Q1 2023.
Gross billings for Dolls increased by 22% in Q2 2023, driven by a 69% increase in Barbie products. However, Infant, Toddler, and Preschool gross billings decreased by 28%, and Action Figures, Building Sets, Games, and Other gross billings decreased by 39%.
Cash and equivalents at the end of Q2 2023 were $299,918 thousand, down from $761,235 thousand at the beginning of the period, reflecting a decrease of $461,317 thousand in cash and equivalents during the quarter.

MattelAug 2023

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