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Mattel Seeks to Cut Costs and Boost Stock After ‘Barbie’ Boom

Barbie, the Margot Robbie-starring fantasy/comedy film directed by Greta Gerwig, turned into a box office smash in 2023. As it stands today, Barbie is the 14th highest grossing box office hit of all time. It managed to rake in $1.44 billion worldwide. The film was a huge win for Mattel (NASDAQ:MAT), which saw Barbie sales erupt in the wake of the movie’s success.

Mattel is a California-based children’s and family entertainment company that designs and produces toys and consumer products around the world. Shares of Mattel have climbed 3.5% month-over-month as of close on Friday, February 9, 2024. That has pushed the stock into positive territory in the year-over-year period.

The company released its fourth quarter (Q4) and full-year fiscal 2023 earnings on February 7, 2024. In Q4 FY2023, Mattel delivered net sales growth of 16% to $1.62 billion. Meanwhile, adjusted operating income climbed $68 million year-over-year to $147 million. EBITDA stands for earnings before interest, taxes, depreciation, and amortization, aiming to give a clearer picture of a company’s profitability. Mattel posted adjusted EBITDA of $234 million in Q4 2023 – up from $76 million in the prior year.

For the full year, Mattel reported net sales of $5.44 billion, which were flat compared to fiscal 2022. Moreover, adjusted operating income dropped $47 million to $641 million and adjusted EBITDA fell $21 million to $948 million.

Mattel’s leadership announced a “cost savings program” as it seeks to boost profitability in fiscal 2024. Its shares currently possess a price-to-earnings ratio of 31, which puts this stock in favourable value territory compared to its industry peers.