What Recession? Mattel Toys Boasts Big Profits
EL SEGUNDO (CNS) — Barbie still likes going shopping. Recession? Not with toy giant Mattel.
The El Segundo-based Mattel Inc. Friday reported a net income of $283 million for the third quarter of this year, a 77 cent per share increase from last year's performance.
The improved performance is 23 percent over the $229.8 million, or 63 cent per share, profit that the company booked in the third quarter of 2009.
The toy titan also reported net sales for the third quarter 2010 of $1.83 billion, up 2 percent from the $1.79 billion recorded for the same period last year.
Mattel's domestic gross sales were up 3 percent and international gross sales increased 2 percent, according to the company.
Worldwide gross sales for the company's flagship Barbie brand were up 6 percent, but gross sales of Hot Wheels products were down 3 percent.
"We continue to be pleased with the performance of the business," said Robert A. Eckert, Mattel's chairman and chief executive officer. "While the all-important holiday season is still in front of us, we remain on track to deliver solid revenue and profit growth driven by our portfolio of brands and countries."
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