Toy maker Mattel, Inc. (NASDAQ: MAT) has reported lower sales and a narrower net loss for the first quarter of 2024. Total billings declined by 1% during the quarter.
The company’s net sales edged down 1% year-over-year to $809.5 million in the first quarter when total gross billings dropped modestly to $898.9 million.
Mattel reported an adjusted loss of $0.05 per share for the March quarter, vs. a loss of $0.24 per share in the prior-year period. The unadjusted net loss was $28.3 million or $0.08 per share in Q1, compared to a loss of $106.5 million or $0.30 per share in the first quarter of 2023.
“Trends in consumer demand for our product improved through the quarter and we expect to outpace the industry and gain market share in 2024. We are executing our strategy to grow our IP-driven toy business and expand our entertainment offering,” said Mattel’s CEO Ynon Kreiz.