Mattel, a 2023 with lights and shadows
The global success of Barbie's pink film continued, even in the second half of the year, to push up the numbers of Mattel, the famous American toy manufacturer with headquarters in El Segundo, California. In fact, in the fourth quarter of 2023 revenues grew by 16% to 1,620.7 million dollars. However, Barbie's push failed to fully strengthen turnover which fell by 1%, to 5,441 million dollars. The company recorded a profit of $214 million (-59%) compared to $394 million in 2022. Sales of the doll in pink rose 3% to 1,538 million. A result that places Barbie in first place on the podium of Mattel's best-selling products, followed by Hot Wheels (+19% in the fourth quarter to 417.5 million dollars) and Fisher Price (+13% to 245.3 million).
Mattel, a program to reduce costs with staff cuts
“2023 was a historic year for Mattel,” confirmed iYnon Kreiz, company president and CEO, “we expanded our leadership in key toy categories and achieved significant share overall, achieved extraordinary success with the Barbie movie and further strengthened our financial position. We ended 2023 with the strongest balance sheet we've had in years, putting us in an excellent position to execute on our strategy to grow Mattel's intellectual property-based toy business and expand our entertainment offerings. Looking to 2024, we believe we are well positioned competitively and expect to gain market share.” The short-term strategy involves cost reduction starting in 2026 with savings of $200 million per year. Total cost of the program between 130 and 170 million dollars. Among other things, a reduction in staff is expected. The latest forecasts concern operating margin growth as well as earnings per share.
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