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Q2-2015: Mattel gross sales down 6.5%

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BENGALURU: Mattel, Inc reported a 6.5 per cent decline in gross worldwide sales at $1095.1 million in Q2-2015 (quarter ended 30 June, 2015) as compared to the $1171.1 million in the corresponding year ago quarter. 

Net sales dropped seven per cent to $988.2 million in the current quarter as compared to $1062.3 million in Q2-2014.

The toymaker reported a net loss of $11.4 million in Q2-2015 as compared to a net profit (income) of $28.3 million in Q2-2014. Last quarter (Q1-2015), Mattel has reported a higher loss of $58.2 million.

?In the second quarter, we made solid progress as we work to return Mattel to improved growth and profitability,? said Mattel chairman and CEO Christopher Sinclair. ?Our financial results in the quarter largely met our expectations, and we are encouraged by improved performance across our core brands, as well as strong momentum in emerging markets like China and Russia. Although we are still early in our turnaround effort, I believe we are taking all the right steps to be more competitive in the growing global toy industry.?

Worldwide gross sales for the six-month period ended 30 June, 2015 (HY-2015) also declined 4.4 per cent to $2115.3 million from $2212.4 million in HY-2014. Net sales in HY-2015 fell 4.9 per cent to $1910.9 million as compared to the $2008.4 million in HY-2014. Mattel reported a net loss of $69.5 million during the current six month period as compared a net income of $17.1 million during the corresponding year ago period.

Worldwide gross sales by brands

Mattel Girls and Boys brands

Mattel Girls and Boys brands sales in Q2-2015 declined 12.7 per cent to $601.8 million from $689 million in Q2-2014. The effect of the strong US dollar slowed the decline on a constant currency basis to three per cent. For HY-2015, gross sales of Mattel Girls and Boys brands declined 10.3 per cent to $1206.9 million from $1345.8 million in HY-2014. Currency exchange rate change reduced the decline to just one per cent.

Within Mattel Girls and Boys brands, Barbie worldwide gross sales declined 19 per cent to $130.3 million from $160.8 million, with the currency exchange rate change reducing the decline to 11 per cent. In HY-2015, Barbie gross sales declined 16.4 per cent to $276.3 million from $330.7 million in HY-2014. Currency exchange rate change reduced the drop to eight per cent.

Other Girls worldwide gross sales declined 16.6 per cent in the current quarter to $175.9 million from $201.9 million in Q2-2014. Currency exchange rate change reduced the drop to six per cent. HY-2015 Other Girls worldwide sales declined 13.8 percent to $365.4 million from $276.3 million in HY-2014, with currency exchange rate change reducing the decline to four per cent.

Wheels gross worldwide sales increased 14.8 per cent in Q2-2015 to $160.6 million from $139.9 million in Q2-2014. Currency exchange rate change improved the growth to 26 per cent. Wheels gross worldwide sales in HY-2015 increased by 8.2 per cent to $292.6 million from $270.4 million in HY-2014. Currency exchange rate change improved the growth to 18 per cent.

Entertainment business, which includes Radica and Games declined 23.9 per cent in Q2-2015 to $135 million from $177.4 million in Q2-2014. In HY-2015, Entertainment business worldwide sales declined 15 per cent to $272.6 million from $320.8 million in the corresponding year ago period.

Fisher-Price brands

Fisher-Price brands worldwide gross sales increased 2.4 per cent to $336.8 million in Q2-2015 as compared to the $328.8 million in Q2-2014. Currency exchange rate change improved the growth to nine per cent. For HY-2015 worldwide gross sales for Fisher-Price brands was flat (grew by 0.7 per cent) at $600.7 million as compared to the $600.2 million in HY-2014. Currency exchange rate change improved the growth to seven per cent. Fisher-Price Brands includes the Fisher-Price Core, Fisher-Price Friends and Power Wheels brands.

American Girls brands

American Girls brands gross sales increased 1.3 per cent in Q2-2015 to $84.2 million from $83.1 million in Q2-2014. For HY-2015, gross sales was flat (up 0.6 per cent) to $190.2 million from $189.1 million in HY-2014.

Construction and Arts & Crafts Brands

Construction and Arts & Crafts Brands gross sales grew 5.2 per cent to $64.8 million in Q2-2015 from $61.6 million in Q2-2014. For HY-2015, gross sales grew 67.4 per cent to $103.1 million from $61.6 million in HY-2014. Sales of Construction and Arts & Crafts products include the Mega Bloks and RoseArt brands. Mattel acquired Mega Brands Inc. on 30 April, 2014.

Worldwide gross sales by region

North American

North American gross sales declined 2.9 per cent to $583.6 million in Q2-2015 from $601.2 million in Q2-2014. Currency exchange rate change reduced the fall to one per cent. For HY-2015, North American gross sales improved 2.5 per cent to $1181.7 million from $1153.2 million in HY-2014. Currency exchange rate change improved the growth to three per cent.

International

International gross sales declined 10.2 per cent to $511.5 million in Q2-2015 from $569.9 million in Q2-2014. Currency exchange rate change had a appositive impact, which showed a growth of five per cent. HY-2015 gross international sales declined 11.9 per cent to $933.6 million in Q2-2015 from $1059.2 million in HY-2014, with currency exchange rate change resulting in a growth of four per cent.

Dividend 

The Mattel board has declared 2015 third quarter cash dividend of $0.38 per share, which is flat compared to the third quarter of 2014.

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