Mattel CEO says Q1 results impacted by elevated retail inventory levels

CEO Ynon Kreiz says: "As anticipated, our first quarter results were negatively impacted by elevated retail inventory levels. That said, the underlying business performed well both in absolute and relative terms with overall growth in consumer demand for our product and market share gains for Mattel… Reflecting our strong financial position and confidence in our strategy, we resumed share repurchases in the quarter and look to make further repurchases this year. The fundamentals of our business are strong. We expect to outpace the industry, gain market share and achieve our full year guidance. Excitement continues to build for the Barbie movie, 1 of the most anticipated films of the year which premiers worldwide on July 21. The second teaser was released earlier this month with significant global coverage. Expect more momentum in social media and marketing activities to accelerate towards the release of the movie." Comments taken from Q1 earnings conference call.