Mattel has revealed its fourth quarter and full year financial results
For the fourth quarter, net sales were up 10% as reported, and 11% in constant currency, versus the prior yearâ€™s fourth quarter. Reported operating Income was $257 million – an increase of $69 million – and adjusted operating income was $264 million, an increase of $64 million.
For the year, net sales were up 19% as reported, and 18% in constant currency, versus the prior year. Reported operating income was $730 million – an increase of $355 million – and adjusted operating income was $763 million, an increase of $322 million.
â€œMattelâ€™s results for the quarter and full year came in well ahead of expectations, capping another exceptional performance for the company”Ynon Kreiz, chairman and CEO of Mattel
Ynon Kreiz, chairman and CEO of Mattel, said: â€œMattelâ€™s results for the quarter and full year came in well ahead of expectations, capping another exceptional performance for the company. We have made significant progress on our transformation strategy over the last few years, and our turnaround is now complete. We are in growth mode and believe we are well-positioned to continue our momentum, with 2022 guidance exceeding prior goals and an even stronger outlook for 2023.â€
He continued: â€œIn 2021, our products resonated with consumers at levels we have not seen in years, and we continued to gain market share. We also strengthened our position as a partner of choice for the major entertainment companies and, in addition to our own IP, have a formidable line-up of evergreen properties to drive future growth. The Mattel team stayed committed to our purpose to empower the next generation to explore the wonder of childhood and reach their full potential, and to our mission to create innovative products and experiences that inspire, entertain, and develop children through play.â€
Mattel CFO Anthony DiSilvestro added: â€œ2021 was another year of strong financial performance. We generated significant free cash flow, reduced debt, and further improved our balance sheet. We remain focused on executing our strategy and creating long-term shareholder value.â€