Despite the blockbuster success of the Barbie movie in 2023, Mattel's º£½ÇÊÓƵ sales did not see a corresponding uplift, recent reports have disclosed.
The Berkshire-based division of the American corporation recorded a turnover of £145.5 million for the year, a decrease from £162.4 million in 2022, as per the latest accounts filed with Companies House, as reported by .
Nevertheless, the company saw a slight increase in pre-tax profits, rising from £8.2 million to £10.4 million during that time.
Mattel is known for its popular brands such as Polly Pocket, Fisher-Price, Thomas & Friends, and Hot Wheels, in addition to Barbie.
In a challenging economic climate, the owner of the Barbie brand, Mattel, has faced headwinds.
A board-approved statement read: "Mattel's 2023 results were impacted by a challenging macro-economic environment, with quarterly results significantly affected by the volatility and timing of retailer inventory movements throughout the year."
"Consumer demand was lower than expected during the 2022 holiday season and occurred later in the fourth quarter of 2022, which caused retailers to reduce replenished orders as they managed their inventory."
"These factors contributed to a decline in net sales during the fourth quarter of 2022 and elevated retailer inventory levels entering 2023, which had an unfavourable impact on net sales in the first half of 2023."
"However as shipping patterns realigned with historical trend there was meaningful growth in the second half of 2023 coupled with benefits deriving from the success of the Barbie movie."
The º£½ÇÊÓƵ division's results follow the release of Mattel's results follow the parent company's financial year net sales of $5.44 billion (£4.15 billion), which remained flat and decreased by 1% in constant currency. The company's operating income also declined by $114 million (£87 million) to $562 million (£429.1 million).
Ynon Kreiz, Mattel's chairman and CEO, previously stated: "2023 was a milestone year for Mattel."
"We extended our leadership in our key toy categories and gained significant share overall, achieved extraordinary success with the Barbie movie, and further strengthened our financial position."
