By Ryan Scott and Cole Watson 

Mattel’s fourth quarter was a success, with Barbie sitting pretty as the world’s top-selling doll brand and number-two toy brand, according to Circana. However, the company had another flat year overall, thanks to weak sales in its other key segments. 

In its Q4 earnings report that came out yesterday, the toyco posted quarterly net sales of US$1.62 billion—a 16% increase compared to the same period last year. Global billings (the amounts invoiced to customers) for dolls rose by 29% in Q4 to US$763 million. This increase was driven by significant growth from the Barbie, Disney Princess, Disney Frozen and Monster High brands. In other categories, infant, toddler and preschool increased billings by 9%; vehicles climbed 18%; and action figures, buildings sets and games was up by 3%. 

Mattel reported net sales of US$5.44 billion for the full year, which was on par with last year’s results (US$5.43 billion). Geographically, billings in North America increased by 1%; international regions were up by 2% in gross results, but down by 2% with currency fluctuations factored in. 

Mattel chalked up its lackluster full-year billings to double-digit decreases in its action figures, building sets and games segment (down 24% to US$1.06 billion) and infant, toddler and preschool products segment (down 10% to US$1 billion). 

Full-year sales for Mattel’s American Girl doll brand also slid 9% to US$207.2 million, with billings down by 8% to US$214.2 million. As a result, the American Girl business will no longer be a separate operating segment going forward. 

It was a break-out year for Mattel’s entertainment business, however, with Barbie earning the most at the global box office and generating US$1.44 billion in revenue, according to Warner Bros. Discovery. Next up, the toyco is planning to co-produce an American Girl live-action film with Paramount Global and a CG-animated Bob the Builder feature with Jennifer Lopez’s Nuyorican Productions and LA-based ShadowMachine. 

“We ended 2023 with the strongest balance sheet we have had in years, putting us in an excellent position to execute our strategy to grow Mattel’s IP-driven toy business and expand our entertainment offering,” said chairman and CEO Ynon Kreiz in a release. Looking ahead, he predicts that Mattel’s full-year sales for 2024 will be in line with last year’s results, driven by Barbie’s 65th anniversary, CG-animated preschool series Hot Wheel’s Let’s Race launching on Netflix, and more licensed entertainment business.