2023-04-27 04:16:19
By Le Figaro with AFP
Published
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Toymaker Mattel fell into the red in the first quarter as sales suffered from stores’ management of their inventory after several quarters disrupted by supply difficulties. The company’s revenue fell 22% to $815 million, still above analysts’ expectations.
Supply chain issues during the pandemic have severely disrupted deliveries, prompting some retailers to precautionaryly inflate their orders to ensure they have enough Barbie dolls, Hot Wheels toy cars and other toys on the shelves. company for the end of year celebrations.
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But between the economic downturn and high inflation, sales weren’t as good as expected at the end of 2022. Result: stores had “large stocks at the start of the year“Explained Ynon Kreiz, CEO of Mattel, during a conference call.
The group’s results are also sufferingof the comparison with the same quarter in 2022when store managers placed large orders early for Christmas to ensure they had enough stock in time, he added.
Mattel’s sales should still suffer from merchants’ management of their inventories in the second quarter but the situation should then stabilize, said the official. “We should return to historical delivery trends in the second half», and this Ynon Kreiz.
The group is also counting on the release of the Barbie film, which is scheduled for release on July 21. Mattel maintained its guidance for the full year. In the first quarter, the group recorded a net loss of 106 million dollars, against a profit of 21 million over the same period in 2022.
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