BUSINESS | Mattel Beats Sales Estimates as Bored Kids Turn Back To Barbie

MILAN | ITALY – Mattel Inc beat quarterly sales expectations on Thursday, as its North Americans customers splurged on Barbie dolls and Uno playing cards to keep their kids entertained during coronavirus – induced lockdowns.

The toymaker said it was expecting its sales to improve in the coming months, compared with the first half of the year, as concerns grow that schools in many parts of the United States would remain shut, with new virus cases spiking across the country.

Mattel’s shares rose about 4% in extended trading.

The reopening of toy stores is also helping sales, with Chief Executive Officer Ynon Kreiz telling Reuters that only 4% of retail outlets, which normally account for about 8% of the company’s sales, were closed at the end of June. About 30% of Mattel’s retail stores were shut at the end of March.

Mattel’s gross sales in North America rose 3% in the second quarter, mainly driven by an increase in demand for the various avatars o the company’s iconic Barbie dools and playsets, Uno playing cards, as well as ‘Baby Yoda’ plush toys.

Overall gross Barbie sales increased 7% to $199.3 million in the second quarter.

However, Mattel’s net sales fell nearly 15% to $731.1 million, as the economic fallout of the health crisis hammered demand in overseas markets.

That still beat analysts’ average estimate of $678.5 million, according to IBES data from Refinitiv.

Net loss widened to $109.2 million in the quarter ended June 30, from $108 million a year earlier.

On an adjusted basis, the company’s loss was 26 cents per share, smaller than the 34 cents share loss analysts on average had expected.


TRAVEL | Saudi Interior Ministry To Announce Date Of Lifting Of Travel Restrictions

RIYADH – – Saudi Arabia’s interior ministry said on Tuesday it will later announce a date of lifting restrictions on citizens traveling to and from the Kingdom. The Kingdom partially lifted a suspension of international flight on Sept.15, six months after travel restrictions were imposed because of the novel coronavirus pandemic. Saudi authorities had originally … Continue reading TRAVEL | Saudi Interior Ministry To Announce Date Of Lifting Of Travel Restrictions

BUSINESS | Japan Nike Ad On Bullying, Racism Sparks Hot Online Response

MILAN – A video ad from Nike Japan against bullying and racism that features biracial athletes and other minorities, such as those of Korean descent, has prompted a sharp online response including calls to boycott the company. Japan has traditionally prided itself on being racially homogenous, although successful mixed – race athletes such as tennis … Continue reading BUSINESS | Japan Nike Ad On Bullying, Racism Sparks Hot Online Response

BREAKING NEWS | Saudi Crown Prince Congratulated President of UAE on National Day

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, has sent a cable of congratulation to Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), on the anniversary of his  country’s National Day. In his cable, HRH Prince Mohammed Bin Salman wished the … Continue reading BREAKING NEWS | Saudi Crown Prince Congratulated President of UAE on National Day

NEWS ALERT | Saudi Crown Prince Congratulates Romania’s President On National Day

HRH Prince Mohammed bin Salman Bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, has sent a cable of congratulation to President Klaus Iohannis of Romania on the anniversary of his country’s National Day. In his cable, HRH Crown Prince Mohammed bin Salman wished the President constant good health and happiness … Continue reading NEWS ALERT | Saudi Crown Prince Congratulates Romania’s President On National Day

TRAVEL | Saudi Arabia Is Among 6 Safest Travel Destinations In World, In Light Of Covid-19 Pandemic

The Kingdom of Saudi Arabia has ranked 6th among the world safest travel destinations, in light of the novel Coronavirus (Covid-19) pandemic, and the only one in the Middle East. This come according to an article published on the Wego Travel Blog website, entitled ‘Safe Placed to Travel During Covid -19 Pandemic”. The classification was … Continue reading TRAVEL | Saudi Arabia Is Among 6 Safest Travel Destinations In World, In Light Of Covid-19 Pandemic

NEWS ALERT | Jordan’s King Abdullah And Palestinian Leader Abbas Meet, Hope Biden Revives Peace Process

Jordan’s King Abdullah on Sunday met with Palestinian President Mahmoud Abbas and both leaders et high hopes the U.S. President – elect Joe Biden will revive peace talks over a two-state solutions to the decades – old Arab – Israeli conflict, officials said. In a palace statement after meeting with Abbas in the Red Sea … Continue reading NEWS ALERT | Jordan’s King Abdullah And Palestinian Leader Abbas Meet, Hope Biden Revives Peace Process

NEWS ALERT | Trump Senior Aide Kushner And Team Heading To Saudi Arabia, Qatar

White House senior advise Jared Kushner and his team are headed to Saudi Arabia and Qatar this week for talks in a region simmering with tension after the killing of an Iranian nuclear scientist. A senior administration official said on Sunday that Kushner is to meet Saudi Crown Prince Mohammed bin Salman in the Saudi … Continue reading NEWS ALERT | Trump Senior Aide Kushner And Team Heading To Saudi Arabia, Qatar

NEWS ALERT | France Must Review COVID-19 Crowd Limits On Church Attendance

France’s State Council, the country’s highest court, on Sunday ordered the government to review a law limiting the number of people in churches during religious services to 30. The Council said in a statement that the measure was not proportionate to coronavirus infection risk. Last week, the government announced that a nationwide lockdown in place … Continue reading NEWS ALERT | France Must Review COVID-19 Crowd Limits On Church Attendance

NEWS ALERT | Qatar Condemns Killing Of Iranian Nuclear Scientist – Statement

MILAN – Qatari Foreign Minister Mohammed bin Abdulrahman Al-Thani condemned the killing of Iranian nuclear scientist Mohsen Fakhrizadeh in a phone call on Saturday with his Iranian counterpart, Mohammad Jawad Zarif, a ministry statement said. Al-Thani extended Qatar’s condolences to the government and the people of Iran and called for self-restraint following Friday’s killing which … Continue reading NEWS ALERT | Qatar Condemns Killing Of Iranian Nuclear Scientist – Statement

Loading…

Something went wrong. Please refresh the page and/or try again.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s