Barbie drives Mattel's growth
Toymaker Mattel, which has just named a new chief executive, softened the effect of Toys "R" Us' demise as its all-important doll brand posted the best growth on record.
Shares rose as much as 9.4pc to $15.30 (€12.63) on Friday, the biggest intraday gain since February 2. The stock had plummeted 38pc in the past year ahead of the earnings release. When excluding $30m of sales lost in the liquidation of Toys "R" Us, Mattel's revenue rose 2pc, fuelled by the toymaker's biggest brand. Barbie's sales surged 24pc, marking the second straight gain after a rough stretch and the best quarter since at least 2009, when it started breaking out the numbers.
Barbie helped Mattel's biggest properties - including Hot Wheels, Fisher-Price and Thomas & Friends - grow a combined 2pc.