Press release
Mattel Reports First Quarter 2019 Financial Results
EL SEGUNDO, Calif., April 25, 2019 /PRNewswire/ -- Mattel, Inc. (NASDAQ: MAT) today reported first quarter 2019 financial results. Ynon Kreiz, Chairman and
About this update from Mattel, Inc.
[{"type":"text","content":"EL SEGUNDO, Calif., April 25, 2019 /PRNewswire/ -- Mattel, Inc. (NASDAQ: MAT) today reported first quarter 2019 financial results.\nYnon Kreiz, Chairman and CEO, Mattel said: \"This was another strong quarter, demonstrating meaningful progress in the execution of our strategy, a significant improvement in profitability and a solid performance in our topline. The positive momentum exiting 2018 has continued and is reflected in our operating results. While we are in a multi-year turnaround, we remain on-track to achieve our goals to restore profitability and regain topline growth in the short-to-mid-term and capture the full value from our IP in the mid-to-long term. I continue to be inspired by the commitment and capabilities of our organization as we build shareholder value and transform Mattel into an IP-driven, high-performing toy company.\"\nJoseph Euteneuer, CFO, Mattel said: \"This represents the third consecutive quarter of improvement in our key profitability metrics, including Gross Margin, Operating Income, EBITDA and EPS. We have achieved $610 million of run-rate savings from our Structural Simplification program and expect to exceed our goal of $650 million exiting 2019. We have begun implementing our Capital Light model and look forward to starting to realize additional savings in 2020.\"\nFor the first quarter, Net Sales were down 3% as reported, and up 1% in constant currency, versus the prior year's first quarter. Gross Sales were down 2% as reported, and up 2% in constant currency. Reported Operating Loss was $131.0 million, an improvement of $145.6 million, and Adjusted Operating Loss was $100.4 million, an improvement of $146.9 million. Reported Loss Per Share was $0.53, an improvement of $0.37, and Adjusted Loss Per Share was $0.44, an improvement of $0.41.\nFinancial Overview\nNet Sales in the North America segment increased by 5% as reported, and in constant currency, versus the prior year's first quarter. \nGross Sales in the North America segment increased 6% as reported, and in constant currency, primarily driven by growth in Action Figures/Building Sets/Games (including Toy Story® 4 and Jurassic World®), Dolls (including Barbie and Polly Pocket®), and Vehicles (including Hot Wheels and Matchbox®). This was partially offset by a decline in Infant/Toddler/Preschool (including Fisher-Price and Thomas & ...