Mattel Beats Sales Estimates and Raises Profit Outlook
The toy maker reported first-quarter revenue of 862.2 million dollars as Hot Wheels sales rose 25 percent. Management also raised its annual profit forecast.
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MATTEL INC reported first-quarter net sales of $862.2 million, beating LSEG estimates of $804.7 million. The toy maker raised its full-year adjusted profit forecast to $1.27–$1.39 per share, up from previous $1.18–$1.30 guidance. Diversification into entertainment and digital licensing is offsetting a broader slowdown in traditional toy retail demand.
