Toy maker Mattel looks to more movies

Mattel is doubling down on its plans to expand “outside the toy aisle” after the smash hit Barbie movie.

The comments come as the California-based firm said its sales fell by 12% for the three months to end of June.

Mattel’s brands – including Barney, Hot Wheels and Polly Pocket – are also set to feature in upcoming Hollywood films.

Barbie “speaks to the potential of Mattel films,” chief executive Ynon Kriez said in the company’s earnings presentation.

“This is a milestone moment for Mattel and a showcase for the cultural resonance of our IP [Intellectual Property],” he added.

Mattel, which has not yet said whether it will make money directly from the Barbie movie, has also released a soundtrack album and entered into more than 165 consumer product partnerships for the film.

The company’s net income for the period came in at $27m (£20.8m), which beat Wall Street expectations despite falling by almost 60% compared to the same time last year.

Mattel’s shares, which have risen by almost 16% in the last month, dipped 1.8% in extended New York trading after the earnings were announced.

The Barbie movie, which stars Margot Robbie and Ryan Gosling, sees the children’s character and her friend Ken exploring their identities.

Earlier this month, Mr Kriez told the BBC that he aimed to create a “Mattel universe” to emulate the success of Marvel.

Disney’s Marvel universe is the setting for dozens of blockbuster movies, featuring a cast of characters including Iron Man, Thor and Captain America.

Along with its best-selling brand Barbie, Mattel’s stable of household names includes Bob the Builder, Thomas the Tank Engine and Uno.

Also on Wednesday, Mattel announced that its chief operating officer Richard Dickson would be leaving the firm.

Mr Dickson, who helped revive the Barbie brand, was named as the new chief executive of US clothing retailer Gap.

Reports /TrainViral/