Mattel has reported just over US$1 billion in net sales for the first quarter of 2022, a 19% increase over the same period last year, and its highest ever in Q1.
Following two pandemic-affected years, the toyco’s factories are all fully operational again, and the company is focused on putting product on shelves, said CEO and chairman Ynon Kreiz in his Q1 financial report.
The increase was driven by a 41% bump in Mattel’s “action figures, building sets, games and other” category to US$281 million. Licensed action figures for brands like Jurassic World and the upcoming Lightyear movie (pictured) were major drivers.
Up 31% to US$282 million, vehicles contributed the second-largest increase in worldwide gross billings (Mattel’s standard reporting metric), with Hot Wheels at the front of the pack. Meanwhile, the toyco’s infant, toddler and preschool category jumped by 12% to US$206 million in billings, thanks to Fisher-Price and Thomas & Friends.
The perennially popular doll category grew by 4% to US$396 million, driven by strength in the Barbie and Polly Pocket lines, but this was offset by declines for American Girl.
The company’s net sales increased in by 26% in North America and 16% internationally. Of all the territories Mattel does business in, the largest Q1 increase in net sales came out of Latin America, which was up 28% to US$72 million.
Looking ahead, the toyco is forecasting continued growth in net sales through 2022, likely between 8% and 10% in constant currency. Its business model is focused on maximizing the potential of legacy IPs like Hot Wheels and Barbie, with expansion plans to take these brands into new digital markets such as NFTs, as well as major feature film adaptations in the works.