Toy maker Mattel, Inc. (NASDAQ: MAT) has reported a double-digit increase in sales and adjusted earnings for the fourth quarter of 2023., aided by strong growth in gross billings.
The company said its net sales increased 16% year-over-year to $1.62 billion in the fourth quarter when total gross billings rose sharply by 18% to $1.84 billion.
The top-line growth translated into a 61% jump in adjusted earnings to $0.29 per share during the three months. Unadjusted profit more than doubled to $147.3 million or $0.42 per share.
“As we look to 2024, we believe we are very well positioned competitively and will continue to outpace the industry and gain market share,” said Mattel’s CEO Ynon Kreiz.