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.


NEWS ALERT | France’s Macron To Muslims: I Hear Your Anger, But Won’t Accept Violence

PARIS – French President Emmanuel Macron said on Saturday he respected Muslims who were shocked by cartoons of the Prophet Mohammad but that was no excuse for violence, as his official ramped up security after a knife attack in a French church that killed three people this week. The suspected assailant, a 21-year-old from Tunisia, … Continue reading NEWS ALERT | France’s Macron To Muslims: I Hear Your Anger, But Won’t Accept Violence

NEWS ALERT | Strong Earthquake Kills 19 People In Turkey And Greek Islands

Nineteen people were killed in Turkey and Greece after a strong earthquake struck in the Aegean Sea on Friday, bringing buildings crashing down and setting off tidal waves slammed into coastal areas and islands. People ran onto streets in panic in the Turkish city of Izmir, witnesses said, after the quake struck with a magnitude … Continue reading NEWS ALERT | Strong Earthquake Kills 19 People In Turkey And Greek Islands

ECONOMY | Saudi Ministry Clarifies After Report On Pending Decision To Abolish Kafala System

RIYADH | SAUDI ARABIA – – Saudi Arabia’s Ministry of Human Resources and Social Development said it is working on ‘many initiatives’ to develop the labor market and that decision will be announced when they are ready following a report that the Kingdom was working to abolish the Kafala system. ‘In reference to what has … Continue reading ECONOMY | Saudi Ministry Clarifies After Report On Pending Decision To Abolish Kafala System

CORONAVIRUS LOCKDOWN ALERT | France Restricts Outdoor Movement Under New Covid-19 Lockdown, PM Says

PARIS | FRANCE – – French people will only be allowed to leave the house for food shopping, commuting to work, medical or pressing family reason, Prime Minister Jean Castex said on Thursday after France ordered new lockdown to curb a second wave of coronavirus infections. Castex also said in a news conference that outdoor … Continue reading CORONAVIRUS LOCKDOWN ALERT | France Restricts Outdoor Movement Under New Covid-19 Lockdown, PM Says

travel | Dubai Miracle Garden Set To Welcome Visitors On 1st November

ABU DHABI – – Dubai Miracle Garden, the largest natural flower garden in the world, returns for its ninth season on Sunday, 1 November, promising visitors a truly memorable experience with its magnificent display of intricately designed bloom. The park is set to reopen under stringent health and safety protocols designed to ensure visitors can … Continue reading travel | Dubai Miracle Garden Set To Welcome Visitors On 1st November

NEWS ALERT | United States Condemns Attacks By Iran – Backed Houthis Against Saudi Arabia

WASHINGTON – The United States Of America has condemned attacks by the Iranian – backed Houthis against civilians and civilian objects in the Kingdom of Saudi Arabia. In a statement issued Thursday, the U.S. Department of State expressed in condemnation and denunciation of these attacks which were launched indiscriminately towards Riyadh, and risked the lives … Continue reading NEWS ALERT | United States Condemns Attacks By Iran – Backed Houthis Against Saudi Arabia

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