The first quarter, usually a slow one for toy companies after the holiday rush, was a stellar one for Mattel. The toymaker saw sales soar 47% as its turnaround efforts took effect – and as parents had money to spend following the latest round of stimulus checks.
Dolls were a particularly bright spot in the company's performance. Mattel's American Girl brand saw a 22% rise in net sales. Barbie also saw gains amid new product launches.
According to Mattel CEO Ynon Kreiz, the company has gained market share three quarters in a row, and 2021 is already shaping up to be a great year.
“We are strengthening our position as a consistent leader in the toy industry,” he said. “We believe we are very well-positioned to improve profitability and accelerate topline growth in 2021 and beyond.”