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Mattel marks file quarterly gross sales soar, to boost annual outlook By Reuters 

© Reuters. FILE PHOTO: Barbie dolls are displayed inside a showroom at a Mattel workplace in Hong Kong

(Reuters) – Mattel Inc (NASDAQ:) reported a file 47% rise in quarterly gross sales on Thursday as People armed with stimulus checks snapped up Barbie dolls and Sizzling Wheels vehicles within the normally gradual post-holiday months.

U.S. client confidence has acquired a shot within the arm as vaccination drives collect velocity and the federal government fingers out recent stimulus checks, serving to Mattel usher in households even within the yr’s slowest interval for toymakers.

Mattel Chief Government Officer Ynon Kreiz informed Reuters the corporate would elevate its full-year gross sales development outlook throughout an analyst name afterward Thursday, from a previous forecast of a mid-single-digit proportion enhance.

“Toys proceed to show their significance to folks as to the place they select to spend their disposable revenue,” Kreiz stated in an interview.

“We’re seeing a robust begin to the second quarter together with the Easter week and we’re planning for an additional nice vacation season.”

California-based Mattel, which has been benefiting from stuck-at-home dad and mom utilizing toys to maintain their youngsters entertained, posted internet gross sales of $874.2 million within the first quarter ended March 31, beating analysts’ common estimate of $684.2 million, based on IBES knowledge from Refinitiv.

Coronavirus lockdowns and retailer closures had hit the year-ago quarter, however Mattel stated that impacted the 47% gross sales soar solely a little bit. General first-quarter gross billings at Barbie, Mattel’s greatest model, rose 87% to $276.2 million, whereas Sizzling Wheels billings rose 16% to $184.6 million.

The corporate’s internet loss narrowed to $115.2 million, or 33 cents per share, from $210.7 million, or 61 cents per share, a yr earlier.

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