Mattel Inc. stock jumped more than 6% late Thursday after the toy maker reported quarterly sales and profit that topped Wall Street expectations and raised its sales guidance for the year, counting on a strong holiday season ahead.
Adjusted for one-time items, the toy maker earned 84 cents a share.
Sales rose 8% to $1.76 billion, from $1.64 billion a year ago, and included a 12% increase in North America, driven by rising sales of action figures, games, dolls, toy vehicles and other toys, the company said. This was another strong quarter for Mattel, with increased consumer demand for our products and results exceeding expectations, Chief Executive Ynon Kreiz said in a statement. Kreiz successfully navigated ongoing global supply chain disruption, grew its sales and continued to gain market share, Mattel said. We expect to grow for the balance of the year and have a strong holiday season, the executive said. Mattel guided net sales growth for full-year this year, compared with previous guidance of sales growth between 12% and 14%. Mattel s 2020 sales reached $4.6 billion. Shares of Mattel have gained about 17% so far this year, compared with gains of around 21% for the S&P 500 index SPX.