Retail & Consumer

Mattel mulls tapping into NFT craze after Barbie drives quarterly sales

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Barbie dolls are displayed inside a showroom at a Mattel office in Hong Kong January 12, 2010. REUTERS/Bobby Yip/File Photo

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April 22 (Reuters) - Mattel Inc (MAT.O) will consider turning its collector brands into non-fungible tokens (NFTs), the toymaker said after posting a record 47% surge in quarterly sales as Americans snapped up Barbie dolls and Hot Wheels cars in the usually slow post-holiday months.

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California-based Mattel on Thursday forecast annual sales to rise 6% to 8% versus prior outlook for a mid-single-digit percentage increase. It also predicted strong sales for the holiday season this year.

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"Toys continue to prove their importance to parents as to where they choose to spend their disposable income," said Chief Executive Officer Ynon Kreiz.

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"We are seeing a strong start to the second quarter including the Easter week and we're planning for another great holiday season," Kreiz said.

Mattel, which has been benefiting from stuck-at-home parents using toys to keep their kids entertained, posted net sales of $874.2 million in the first quarter, beating analysts' average estimate of $684.2 million, according to IBES data from Refinitiv. Overall gross billings at Barbie, Mattel's biggest brand, rose 87% to $276.2 million.

Excluding certain items, Mattel lost 10 cents per share, smaller than the 35 cents per share loss analysts had expected.

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Reporting by Uday Sampath in Bengaluru; Editing by Devika Syamnath

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