Shares of toymaker Mattel rose following the record-setting opening weekend for 'Barbie,' starring Margot Robbie and Ryan Gosling
over the weekend, making it the biggest opening at the box office for 2023, distributor Warner Bros said on Sunday.America Ferrera and Margot Robbie attend the European premiere of "Barbie" in London, Britain July 12, 2023.
Carol Osborne, a marketing faculty at University of South Florida's Muma College of Business, said the hype around the "Barbification of the world" will soon subside. For the second quarter, Mattel is set to report falling sales and a net loss of 2 cents per share, compared with a profit of 18 cents a year ago, as the company continues to reel from higher costs, slowing consumer spending amid high inflation, and retailers cutting back on inventories.
Barbie was Mattel's top brand from 2019 to 2022, according to company data. But its gross billings - or the amount invoiced to customers - fell behind Hot Wheels in the first quarter of 2023. The toymaker's shares, which have gained about 19% so far in 2023, were up about 1.4% in premarket trading on Monday. Rival Hasbro's shares have risenMattel's forward 12-month price-to-earnings multiple , a common benchmark for valuing stocks, is 16.01, higher than 13.6 for Hasbro.
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