There are thousands of happy children around the world today, and one happy toy company.
Southern California based Mattel Inc. reported that worldwide net sales were up 9 percent in the third quarter of 2011, netting the company $20 million more than the same three-month period last year. Revenue increased 9 percent to nearly $2 billion in that same period.
The iconic line of Barbie dolls and accessories contributed big to the better-than-expected numbers. So did sales of toys and merchandise featuring characters from the popular CARS 2 movie.
And things are looking brighter heading into the crucial holiday shopping season, the company's COO said in a conference call with analysts this morning.
"I think they [retailers] are feeling like they're well-positioned to have a good holiday," he told analysts, the Wall Street Journal reported.
Most of the growth came from global markets, according to Mattel's top exec Robert A. Eckert: "We continue to be pleased with our performance across our portfolio of brands in all of the regions of the world," he said.
News that Barbie and Lightning McQueen are getting moms and dads around the world to go shopping has the Marketplace Daily Pulse beating faster today.