Mattel, Inc. (Nasdaq:Mat) stock markets declined following the company latest quarterly earnings report, which saw its profits fluff, while revenue was ahead of estimates.
Puppeteer announced a first quarter profit loss of 60 cents a share, 21 cents more than wall Street consensus at a loss of 39 cents a share. Revenue reduced to $ 708.4 million over the period, exceeding analysts ‘ expectations revenue 694.38 million.
Worldwide sales of Mattel dropped by about 4% compared to the same quarter last year, while its worldwide gross sales rose by 2% yoy when excluding the impact toys ‘R’ us liquidation sale. Key puppeteer with the power of the brand momentum remains strong, as Barbie and hot wheels sales grew double digits during the period.
The results of the company reflect the operating impact of $ 87 million of income related to toys ‘R’ us liquidation, including 30 in a reversal of sales million. Mattel also announced that Ynon Kreiz has been named CEO of the company, as of today, April 26, 2018.
“Our first quarter results reflect continued progress in executing our transformation plan,” said Joseph Euteneuer, chief financial officer of Mattel in a statement. “In addition, we tight working capital management and careful investments in our business.”
The stock Mat received after Thursday of the bell of about 4.1%, despite the company’s profit miss.