Press release
Mattel Reports Second Quarter 2020 Financial Results
Second quarter Net Sales of $732 million, down 15% as reported, and down 13% in constant currency, versus prior year. Gross Sales of $815 million, down 15%
About this update from Mattel, Inc.
[{"type":"text","content":"\n\nSecond quarter Net Sales of $732 million, down 15% as reported, and down 13% in constant currency, versus prior year. \n\n\nGross Sales of $815 million, down 15% as reported, and down 13% in constant currency. \n\n\nGlobal POS1 up high-single-digits versus prior year, a significant improvement compared to the first quarter. \n\n\nReported Gross Margin of 43.8%, an improvement of 410 basis points; Adjusted Gross Margin of 44.0%, an improvement of 410 basis points. \n\n\nReported Operating Loss of $46 million, compared to a prior year loss of $51 million; Adjusted Operating Loss of $26 million, compared to a prior year loss of $30 million. \n\n\n EL SEGUNDO, Calif.--(BUSINESS WIRE)--\nMattel, Inc. (NASDAQ: MAT) today reported second quarter 2020 financial results.\n\n\nYnon Kreiz, Chairman and CEO of Mattel said: “We entered the second quarter with extensive retail closures and distribution challenges and had to absorb a full quarter of COVID-19 impact, but we demonstrated our execution capabilities and the resilience of our brands. While revenues were down, they exceeded our expectations, particularly in North America, Barbie, and Games, where we saw sales increases. Total company POS improved significantly and was positive in the quarter, and e-commerce continued to grow strongly in all regions.”\n\n\nMr. Kreiz continued: “Based on the momentum we are seeing, the positive POS trends, and low retail inventories exiting the quarter, we are planning for strong demand for our products in expectation of an improved revenue performance in the second half compared to the first half, including the all-important holiday season.”\n\n\nJoseph Euteneuer, CFO of Mattel said: “The work we have done to reshape our operations over the past two years has improved our cost structure, financial flexibility and liquidity. We continued to see significant improvement in Gross Margin with our highest second quarter Gross Margin since 2016. We are encouraged by the significant progress we have made to reshape our organization, restore profitability and position the company for sustainable growth.”\n\n\nFor the second quarter, Net Sales were down 15% as reported, and down 13% in constant currency, versus the prior year’s second quarter. Gross Sales were down 15% as reported, and down 13% in constant currency. Reported Operating Loss was $46.1 millio...