Mattel CEO Ynon Kreiz told CNBC’s Jim Cramer that the company’s highly-anticipated Barbie movie finished production on Thursday.
“What is special now is that today, we actually wrapped production, principal photography, for the Barbie movie, exactly one year before we release it theatrically worldwide with our partners, Warner Brothers. … Look out for that,” Kreiz said in an interview on “Mad Money.”
The chief executive has previously called the film, starring Margot Robbie and Ryan Gosling and directed by Greta Gerwig, a “cultural event.”
The film is part of Mattel’s broader shift in strategy to becoming an IP, or intellectual property, company that produces more than just toys.
“As we continue to grow the toy side of the business, we’re also putting together a strategy and continuing to see growth in our IP and capturing value in our incredible franchises outside of the toy aisle,” Kreiz said.
Mattel beat Wall Street estimates on earnings and revenue in its second quarter results after the close on Thursday. The toymaker reported earnings of 18 cents per share ex-items on revenue of $1.24 billion, compared to expectations of 6 cents per share on revenues of $1.10 billion. This is according to estimates from Refinitiv.
Kreiz noted in his “Mad Money” interview that the dolls segment grew by 5% in Mattel’s latest quarter, led by Barbie and Polly Pocket. Barbie grew by 7%, he added.
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