Toy maker Mattel, Inc. (NASDAQ: MAT) has reported mixed results for the third quarter of 2024 when sales declined due to weak demand across the company’s operating segments.
Net sales decreased 4% from last year to $1.84 billion in the September quarter. Domestic and international sales declined by 3% and 5% respectively.
Net income more than doubled to $372.4 million or $1.09 per share during the three months. Adjusted profit increased 6% year-over-year to $1.14 per share in Q3.
“We expect topline growth in the fourth quarter driven by a good holiday season, market share gains, and a toyetic theatrical slate and are well positioned for long-term growth and shareholder value creation,” Mattel’s CEO Ynon Kreiz said.