Toy giant warns of higher prices as costs rise
Toy maker Mattel says it has to raise prices in the run-up to Christmas as the industry giant faces higher costs.
The comments come after a rise in costs of raw materials and shipping, as the global economy recovers from the pandemic.
At the same time, the maker of Barbie dolls announced better than expected sales of more than $1bn (£720m).
Like rival Hasbro, Mattel is emerging from the impact of Covid that saw shops closed and supply chains disrupted, BBC reported.
He was speaking as the company unveiled second quarter figures that beat Wall Street forecasts.
Net sales for the period jumped by 40% compared to the same time last year to $1.03bn.
That was boosted by a 46% rise in billings for Barbie, the company's biggest brand.
