“(Reuters) – No. 1 toymaker Mattel Inc reported stronger-than-expected first-quarter results, helped by tight cost controls and increased demand for American Girl and Monster High dolls.
The company, which is also known for its Barbie dolls and Hot Wheels cars, has raised prices globally and started making products for local consumption in countries such as Brazil and India to hold the line on costs.
Local production helps Mattel get products to stores faster and cut down on import duties and shipping costs, it told Reuters earlier this year.
During the quarter, net income rose to $38.5 million, or 11 cents a share, from $7.8 million, or 2 cents a share, a year earlier. Analysts on average were expecting a profit of 9 cents a share, according to Thomson Reuters I/B/E/S.
Smaller rival Hasbro Inc is due to report its quarterly results next week.
The first quarter is typically the least significant of the year in terms of sales for toy companies. They make more than a third of their annual revenue in the fourth quarter, which includes the all-important holiday selling season….”Twitter