Mattel CEO says 'We are on track with the execution of our strategy'
Ynon Kreiz, Chairman and CEO of Mattel, said: "We are on track with the execution of our strategy and have made meaningful progress towards restoring profitability, as we transform Mattel into an IP-driven, high-performing toy company. In the quarter, we achieved Operating Income of $122 million, up 41% versus the same period last year, which is the first time in eight quarters that we have posted year-over-year growth. We are proud to say that we recaptured our position as the number one toy company globally in each of the last four months through September, according to NPD. We were also the number one toy company in the U.S. and Latin America year-to-date through September. We continued to make progress in reshaping our organization and are actively exploring strategic alternatives for our manufacturing footprint as we move toward a capital-light model. Additionally, we have taken meaningful steps to drive future growth and capitalize on our iconic brands and IP. This includes the creation of a new theatrical film division and a global franchise management organization." Joseph Euteneuer, CFO of Mattel, added: "We continue to be on-track to achieve or exceed our $650 million targeted run-rate cost savings exiting 2019 and are clearly seeing the benefits of Structural Simplification materializing in the P&L. The actions taken through the third quarter resulted in approximately $120 million of savings and we expect to deliver annual run-rate savings of over $500 million exiting 2018. We remain focused on value creation for our shareholders through our comprehensive actions to restore profitability and regain topline growth."