California-based toy maker Mattel has reported its 2010 first quarter financial results showing profits backed by strong performance of its core brands and newest properties World Wrestling Entertainment, Thomas and Friends, and Toy Story. The company reported a net income of US$24.8 million for the quarter, compared to last year’s first quarter net loss of US$51 million. Net sales for the period reached US$800.1 million, up 12% from last year’s US$785.6 for the period.
Mattel Girls and Boys Brands worldwide gross sales were US$573.1 million, up 14% from last year’s period. Sales for Other Girls Brands (excluding Barbie, who saw a worldwide gross sales growth of 5%) were up 21%, driven by the success of the Disney Princess doll line.
Worldwide gross sales for the Entertainment business, which includes Radica and Games and Puzzles, were up 35% for the quarter, primarily driven by growth in the World Wrestling Entertainment and Toy Story properties, as well as core games.
American Girl Brands, which offers branded products directly to consumers, saw gross sales of US$70.2 million, up 6 percent versus last year, primarily driven by strong sales of Lanie, the 2010 Girl of the Year.
First quarter worldwide gross sales for the Fisher-Price Brands business unit, which includes the Fisher-Price Core, Fisher-Price Friends and Power Wheels brands, were US$316.2 million, up 11 percent versus the prior year. This gain is primarily derived from sales of products supporting the evergreen entertainment property, Thomas and Friends, added to the portfolio in 2010, and growth in Fisher-Price Core.