Toymaker Mattel's quarterly loss smaller than expected as cost cuts pay off [Reuters]
Mattel, Inc. (MAT)
Last mattel, inc. earnings: 2/13 04:05 pm
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Source: Reuters
April 23 (Reuters) - Mattel (MAT.O) New Tab , opens new tab posted a smaller-than-expected loss for the first quarter on Tuesday, helped by the Barbie maker's tight leash on costs while demand remains tepid for its toys and games. Shares of the company were up 4% in extended trading. The toymaker has planned to exit less profitable brands, consolidated its American Girl operating segment and streamlined its supply chain as part of efforts to achieve $200 million in savings by 2026. "We are off to a good start for the year with significant margin expansion and very strong improvement in free cash flow," CEO Ynon Kreiz said in an interview with Reuters. Mattel's gross margin grew 8 percentage points to 48% in the first quarter, also in part due to easing input costs as well as lower inventory management expenses. Rival Hasbro (HAS.O) New Tab , opens new tab , which is expecting a bigger hit to revenue in the first half of 2024, has also undertaken workforce reductions to
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MAT
Earnings
- 4/23/24 - Beat
MAT
Sec Filings
- 4/30/24 - Form 4
- 4/30/24 - Form 4
- 4/30/24 - Form 4
- MAT's page on the SEC website