Mattel continues to profit from 'Barbie' movie

The huge success of the "Barbie" movie gave US toy giant Mattel a strong push in the fourth quarter of 2023, the company said on Wednesday.
The movie, which was released in the summer, brought in more than $1 billion worldwide and also boosted interest in Barbie products, which had been flagging previously.
Gross business with Barbie dolls increased by 27% to over $473 million in the fourth quarter compared to a year earlier. In the home market of North America, the increase was 43% to $252.8 million.
Net income in the quarter was $147.3 million, an increase of $131 million year on year.
Excluding items, Mattel reported adjusted earnings of $408.8 million or $0.29 per share for the period.
The company's revenue for the quarter rose 15.7% to $1.62 billion from $1.40 billion last year.
Mattel boss Ynon Kreiz said that 2023 was "a milestone year" for the company. "We extended our leadership in our key toy categories and gained significant share overall, achieved extraordinary success with the Barbie movie, and further strengthened our financial position."
"Execution on our toy strategy was strong and we made meaningful progress in entertainment across film, television, digital and publishing. We ended 2023 with the strongest balance sheet we have had in years," he added.