Mattel is heading into the holiday season in decent shape, reporting global net sales of US$3.73 billion so far this year—just 2% below its comparable 2023 revenue. 

Released after market close yesterday, the company’s Q3 results showed US$1.84 billion in net sales from July through September—down 4% from the prior year’s net sales of US$1.92 billion. Mattel attributes this to a 14% decline in worldwide gross billings (the amount invoiced to retailers) for dolls. 

The toyco’s vehicles category largely offset the decline in dolls with a 12% spike in gross billings to US$580 million, driven by Hot Wheels growth. Meanwhile, Mattel’s action figures, building sets and games segment increased 2% from last year, generating US$364 million in billings for the quarter.

However, net sales were down in the company’s domestic and international markets. North America took a 3% sales hit to come in at US$1.1 billion, driven by a 19% dive in Barbie gross billings. The story is much the same in EMEA—where sales were US$401.9 million (down 5%)—and Latin America, which experienced an 8% dip to US$240.6 million. Asia Pacific was the only area to achieve growth in Q3, with net sales increasing 8% to US$93.1 million. 

Looking ahead, CEO and chairman Ynon Kreiz says he expects a high-performing holiday season that will position Mattel for top-line growth in Q4. But the company forecasts that full-year net sales will fall flat or slightly below last year’s total of US$5.44 billion.