Mattel’s sales have risen for the first time since last year thanks to the Barbie film.
The US toymaker credits the film, the first featuring the world’s famous doll and first released by the new in-house division of the company, with a 9% increase year-on-year in sales between July-September to $1.9bn.
This included a 27% increase in doll sales driven by the demand for toys within its Barbie, Monster High and Disney Princess lines.
The film follows the huge success of the Barbie movie directed by Greta Gerwig, starring Margot Robertbie and Ryan Gosling. The film was summer smash, grossing more than £86m in the UK box office. It became the biggest film to date of 2023.
Mattel said that its strong performance in the third quarter was due to “the successful implementation of our strategy to expand Mattel’s IP driven toy business as well as our entertainment offering”.
Ynon kreiz, its chief executive and chairman, stated: “Consumer interest in our products increased during the quarter, and we were able to continue to lead the industry.” The success of the Barbie film, which has become a cultural phenomenon around the world, helped to boost our results.
The Barbie effect, however, failed to increase the overall profits of the California-based firm, which fell by 50% to $146.3m due to an increased tax bill. Kreiz, however, said that Mattel is well-positioned to compete against its rivals.
The CEO said that he expects the company to increase its market share during the last months of the calendar year, despite the tough economic conditions. This includes inflation, which may still affect the demand for toys, as consumers are faced with higher prices for their everyday items.
Mattel’s bosses assured their investors that the company was still on course for a strong holiday season.