{"id":1565222,"date":"2022-07-21T18:04:57","date_gmt":"2022-07-21T22:04:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1565222"},"modified":"2022-07-21T18:05:08","modified_gmt":"2022-07-21T22:05:08","slug":"mattel-results-beat-estimates-as-toy-demand-takes-on-inflation-hit","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mattel-results-beat-estimates-as-toy-demand-takes-on-inflation-hit\/","title":{"rendered":"Mattel results beat estimates as toy demand takes on inflation hit"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmattel-results-beat-estimates-as-toy-demand-takes-on-inflation-hit%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1565222&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Ananya Mariam Rajesh and Uday Sampath Kumar<\/p>\n<p>(Reuters) -Mattel Inc beat estimates for quarterly sales and profit on Thursday as shoppers shrugged off higher prices to snap up the toymaker\u2019s action figures and Hot Wheels cars.<\/p>\n<p>Demand for toys has so far withstood the decades-high inflation that has pummeled discretionary spending across America\u2019s largest retailers and raised fears of a recession.<\/p>\n<p>However, shares of California-based Mattel slipped about 3% in extended trade, after the company\u2019s adjusted margins shrunk to 45% from 47.5% last year due to higher supply chain costs.<\/p>\n<p>Mattel\u2019s net sales jumped 20% to $1.24 billion in the second quarter, higher than analysts\u2019 estimates of $1.10 billion, according to Refinitiv IBES data. <\/p>\n<p>Rival toymaker Hasbro Inc also posted strong quarterly results earlier this week, leaning on higher prices and a raft of product launches such as new Nerf blasters.<\/p>\n<p>Mattel is planning more price increases in the coming months to counter rising costs of raw materials, freight and labor.<\/p>\n<p>However, Chief Executive Officer Ynon Kreiz said he was confident that toy sales would hold up even in a potential economic downturn, echoing comments from his counterpart at Hasbro.<\/p>\n<p>\u201cThe toy industry is resilient and growing and performing well. We expect to gain share this year, and to outperform the industry,\u201d Kreiz told Reuters.<\/p>\n<p>Mattel said overall gross billings for its Hot Wheels toys rose 26% in the second quarter ended June 30, while the unit that makes action figures recorded a 44% jump, helped by demand for toys based on characters from the \u201cMasters of the Universe\u201d and \u201cJurassic World\u201d franchises.<\/p>\n<p>Kreiz also said the 44% increase in Mattel\u2019s inventories in the quarter was needed to meet an expected increase in demand in the second half of the year.<\/p>\n<p>Excluding one-time items, the company earned 18 cents per share, beating estimates of 6 cents. <\/p>\n<p> (Reporting by Uday Sampath Kumar and Ananya Mariam Rajesh in Bengaluru; Editing by Devika Syamnath)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2729055\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6K0ZV-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6K0ZV-VIEWIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2729058\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6K0ZX-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6K0ZX-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Ananya Mariam Rajesh and Uday Sampath Kumar (Reuters) -Mattel Inc beat estimates for quarterly sales and profit on Thursday as shoppers shrugged off higher prices to snap up the<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1565222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1565222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1565222"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1565222\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1565222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1565222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1565222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}