Shares of Mattel, Inc. (NASDAQ:MAT) ended Friday session in red amid volatile trading. The shares closed down -0.14 points or -0.44% at $31.97 with 3.28 million shares getting traded. Post opening the session at $31.96, the shares hit an intraday low of $31.80 and an intraday high of $32.41 and the price vacillated in this range throughout the day. The company has a market cap of $10.97 billion and the numbers of outstanding shares have been calculated to be 340.62 million shares.
On Aug. 31, 2016 – American Girl®, a premium brand for girls and subsidiary of Mattel, Inc. (MAT), announced a multi-year partnership with the world’s leading dedicated toy and baby products retailer, Toys”R”Us, Inc. The collaboration will make Toys”R”Us® the first and only U.S.-based retailer to feature American Girl shop-in-shops in select stores, and the exclusive retail partner to carry American Girl’s popular Truly Me™ line of contemporary 18-inch dolls, doll outfits and accessories. The move marks the first time the company has extended such a broad assortment of its doll product outside of its existing channels.
The inclusion of American Girl product at Toys”R”Us stores is in addition to American Girl’s 20 proprietary U.S. stores and its online shop, americangirl.com. This expansion also comes on the heels of the launch of American Girl’s newest doll and content line, WellieWishers™, designed for girls ages 5 to 7 years.
“For years, girls and their families have been asking for more immediate and convenient ways to shop for and experience American Girl,” says Katy Dickson, president of American Girl. “Partnering with a top retailer like Toys”R”Us allows us to meet our customers where and when they want to shop and to take our timeless life lessons to even more girls. We’re excited about increasing access to our brand by inspiring and connecting with more families in more places than ever before!”
Shares of General Mills, Inc. (NYSE:GIS) ended Friday session in red amid volatile trading. The shares closed down -0.41 points or -0.63% at $64.65 with 3.25 million shares getting traded. Post opening the session at $64.89, the shares hit an intraday low of $64.65 and an intraday high of $65.24 and the price vacillated in this range throughout the day. The company has a market cap of $38.12 billion and the numbers of outstanding shares have been calculated to be 591.38 million shares.
General Mills, Inc. (GIS) on Sept. 21, 2016 reported results for the first quarter ended August 28, 2016.
First Quarter Results Summary
- Reported net sales declined 7 percent to $3.9 billion due to lower organic net sales, the divestiture of the North American Green Giant business, and the impact of foreign exchange. Organic net sales declined 4 percent, with increases in U.S. natural and organic brands and emerging markets more than offset by declines in Foundation businesses and U.S. Yogurt.
- Gross margin decreased from 36.9 percent to 36.3 percent of net sales. Adjusted gross margin, which excludes mark-to-market effects and certain other items affecting comparability, decreased 30 basis points from last year’s result that was up 290 basis points.
- Operating profit totaled $646 million, down 6 percent compared to the prior year. Operating profit margin increased 30 basis points to 16.5 percent of net sales. Adjusted operating profit margin increased 80 basis points to 19.2 percent of net sales.
- Total segment operating profit of $787 million was down 5 percent. Total segment operating profit was down 4 percent in constant currency, reflecting lower net sales.
- Net earnings attributable to General Mills totaled $409 million and diluted earnings per share (EPS) were $0.67, down 3 percent from $0.69 a year ago.
- Adjusted diluted EPS, which excludes certain items affecting comparability of results, totaled $0.78 in the first quarter, down 1 percent from the prior year. Constant-currency adjusted diluted EPS were also down 1 percent.
“Our first-quarter profit margin expansion and EPS results reflect continued good progress on our productivity and cost-savings initiatives,” said General Mills Chairman and Chief Executive Officer Ken Powell. “However, our net sales performance did not meet our expectations due to the challenging macro environment, a difficult year-over-year comparison, and a slower start to the year on certain businesses. We are taking actions to improve our net sales performance going forward, leveraging our Consumer First focus. At the same time, we have a number of encouraging examples across our global portfolio where our efforts to adapt to evolving consumer interests are driving positive results.”