It was a good Christmas for many little girls hoping to find a Barbie under the tree this year.
Mattel reported better than expected fourth-quarter results Tuesday, with both revenue and profits exceeding analyst forecasts.
Doll sales led the growth, jumping 9 percent in 2020. Many parents have directed money that might otherwise be spent on travel or eating to spending on toys and games for learning-from-home children, many of whom have been cut off from access to peers.
Revenue rose 10 percent to $1.63 billion in the fourth quarter, Mattel said. Adjusted profit increased to 40 cents a share, well above the forecasted 24 cents. Margins improved as well.
“The fourth quarter and full year demonstrated the resilience of the toy industry and the priority that parents place on quality toys, trusted brands and purposeful play,” Chief Executive Officer Ynon Kreiz said in a statement.
The company said sales in North America segment were 13 percent higher in the fourth quarter than a year ago. For the full year, sales were up 7 percent.
Barbie sales were up a whopping 18 percent compared with the prior year’s fourth quarter.
Sales in the company’s American Girl segment rose 9 percent, the first quarter of year-over-year growth in four years. The company said increased sales were driven by rising billings in its direct-to-consumer business that offset declines from stores and in-person retail outlets.
In its quarterly results presentation, the company said plush sales continued to grow with help from Baby Yoda dolls.