Mattel misses by $0.21, beats on revs
- Reports Q1 (Mar) loss of $0.60 per share, $0.21 worse than the Capital IQ Consensus of ($0.39); revenues fell 3.7% year/year to $708.4 mln vs the $687.7 mln Capital IQ Consensus.
- Adjusted gross margin declined by 380 basis points, primarily driven by higher product costs as a result of higher materials costs, higher freight and distribution costs, and higher obsolescence, partially offset by favorable mix.
- Net cash flows used for operating activities were approximately $274 million, a decrease of $36 million compared to the prior year's first quarter, primarily driven by lower working capital usage, partially offset by a higher net loss, excluding the impact of non-cash charges.
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