What Recession? Mattel Toys Boasts Big Profits

EL SEGUNDO (CNS) — Barbie still likes going shopping. Recession? Not with toy giant Mattel.

The El Segundo-based Mattel Inc. Friday reported a net income of $283 million for the third quarter of this year, a 77 cent per share increase from last year's performance.

The improved performance is 23 percent over the $229.8 million, or 63 cent per share, profit that the company booked in the third quarter of 2009.

The toy titan also reported net sales for the third quarter 2010 of $1.83 billion, up 2 percent from the $1.79 billion recorded for the same period last year.

Mattel's domestic gross sales were up 3 percent and international gross sales increased 2 percent, according to the company.

Worldwide gross sales for the company's flagship Barbie brand were up 6 percent, but gross sales of Hot Wheels products were down 3 percent.

"We continue to be pleased with the performance of the business," said Robert A. Eckert, Mattel's chairman and chief executive officer. "While the all-important holiday season is still in front of us, we remain on track to deliver solid revenue and profit growth driven by our portfolio of brands and countries."

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)