The toy maker missed on Wall Street’s expectations for the quarter, with net sales of $1.4 billion, down 22 percent, and adjusted earnings per share of 18 cents.
“Our fourth quarter results were below our expectations, as the macro-economic environment was more challenging than anticipated,” Ynon Kreiz, chairman and CEO of Mattel, said in a statement after missing on Wall Street expectations on Wednesday.
“We believe we are well-positioned to continue executing our multi-year strategy to grow our IP-driven toy business and expand our entertainment offering,” he added. And during an analyst call, Kreiz said Mattel expects point-of-sale toy growth in 2023, despite market headwinds. “Given continuing macro-economic headwinds and market volatility that may impact consumer demand, we expect the industry to be flat to slightly up in 2023,” he said. Against that backdrop, Mattel said it had raised its expected 2023 cost savings to $300 million, from a previously targeted $250 million., set to hit theaters on July 21, 2023, represents the first time the Mattel toy has been rendered as a live-action movie.
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