Press release
Mattel Reports First Quarter 2020 Financial Results
First quarter Net Sales of $594 million, down 14% as reported, and down 12% in constant currency, versus prior year. Gross Sales of $670 million, down 14% as
About this update from Mattel, Inc.
[{"type":"text","content":"\n\nFirst quarter Net Sales of $594 million, down 14% as reported, and down 12% in constant currency, versus prior year. \n\n\nGross Sales of $670 million, down 14% as reported, and down 12% in constant currency. \n\n\nReported Gross Margin of 43.0%, an improvement of 820 basis points; Adjusted Gross Margin of 43.5%, an improvement of 550 basis points. \n\n\nReported Operating Loss of $150 million, compared to a prior year loss of $127 million; Adjusted Operating Loss of $133 million, compared to a prior year loss of $97 million. \n\n\nCash Flows Used for Operating Activities of $174 million, an improvement of $19 million. \n\n\nGlobal manufacturing and distribution capacity largely restored, expect to meet product demand for the second half of the year.\n\n\nLiquidity, including cash on hand and access to $1.6 billion senior secured revolving credit facilities, is expected to be sufficient to effectively manage through COVID-19 disruption and to continue to execute strategy. \n\n\nWithdrawing previous 2020 guidance due to uncertainty related to COVID-19.\n\n\nMattel dedicated to community support through producing personal protective equipment for medical professionals and providing grants and toy donations. \n\n\n\n \n\n EL SEGUNDO, Calif.--(BUSINESS WIRE)--\nMattel, Inc. (NASDAQ: MAT) today reported first quarter 2020 financial results.\n\n\nYnon Kreiz, Chairman and CEO, Mattel said: “While the world has been facing the unprecedented health and economic impact of COVID-19, we have been quickly adjusting the way we operate and how we manage the Company. Our top priority has been to protect the health and safety of our people and at the same time mitigate the disruption to our business. I am proud of how our team has embraced uncertainty and change and demonstrated resilience in the face of this challenge.”\n\n\n“Our work over the past two years to develop a flexible and results-oriented organization is serving us well during this time,” Mr. Kreiz continued. “We remain focused on transforming Mattel into an IP-driven, high-performing toy company and creating long-term shareholder value. Looking beyond the second quarter, with supply chain and retail distribution continuing to improve and markets reopening, we are planning for increased demand for our products in expectation of a much-improved second half and holiday season. We ...