Reports Q1 revenue $814.6M, consensus $740.73M. The company said, "While retail inventory management impacted the first quarter’s results, the underlying business performed well. Mattel achieved growth and gained market share, per Circana. The fundamentals of our business are strong. We expect to outpace the industry, gain market share, and achieve our full year guidance. We are well positioned to continue executing our multi-year strategy and create long-term shareholder value. We expect consumer demand to be positive for the full year and for revenue comparisons to improve, as shipping patterns revert to historical trends in the second half. We continue to generate meaningful free cash flow and expect to exceed $400 million in 2023. Consistent with our capital allocation priorities, we have resumed share repurchases, which also reflects confidence in our strategy."
Published first on TheFly
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