Mattel saw net sales of $1.08 billion in its second quarter, down 1 percent, with improved operating income.<\/p>\n
Ynon Kreiz, chairman and CEO of Mattel, said: \u201cThis was a good quarter for Mattel, where we achieved significant gross margin expansion, and growth in adjusted EBITDA and adjusted EPS. We further strengthened our balance sheet and more than doubled free cash flow in the trailing 12-month period. Mattel is well positioned for the second half, with new product innovation and increased retail support. We are in a strong financial position to execute our strategy to grow our IP-driven toy business and expand our entertainment offering.\u201d<\/p>\n
Reported operating income was $83 million, an improvement of $20 million, and adjusted operating income was $96 million, an improvement of $21 million.<\/p>\n
Net sales in the North America segment decreased 3 percent as reported and in constant currency. Net sales in the international segment increased 2 percent as reported, or 3 percent in constant currency.<\/p>\n
Reported gross margin increased to 49.2 percent, compared to 45.1 percent in the prior year\u2019s second quarter, and adjusted gross margin increased to 49.2 percent, versus 44.9 percent. The increase in gross margin was primarily driven by savings from the optimizing for profitable growth program, cost deflation, lower sales adjustments and lower inventory management costs.<\/p>\n
Anthony DiSilvestro, CFO of Mattel, added: \u201cMattel achieved another quarter of increased profitability. We continue to generate significant cash flow and are executing our capital allocation priorities, with the expectation to continue share repurchases in the second half of the year. We expect to achieve our 2024 guidance and grow both sales and earnings in 2025.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Mattel saw net sales of $1.08 billion in its second quarter, down 1 percent, with improved operating income.<\/p>\n","protected":false},"author":350,"featured_media":27984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"footnotes":""},"categories":[21],"tags":[271],"class_list":["post-27983","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-mattel","pmpro-has-access"],"yoast_head":"\n