UPDATE 1-Teen monsters, American Girl dolls power Mattel results
Oct 16 (Reuters) - Mattel Inc topped Wall Street's profit estimates for the third quarter, benefiting from strong demand for its chubby-faced American Girl dolls and its Monster High line depicting the teen descendants of famous monsters.
Wednesday's news from the world's largest toy company comes as manufacturers and retailers gear up for the holiday season, the biggest selling period of the year. Mattel rival Hasbro Inc is due to report its quarterly results next week.
Mattel, also home to brands such as Barbie, Hot Wheels and Fisher-Price, said net income rose to $422.8 million, or $1.21 a share, from $365.9 million, or $1.04 a share, a year earlier.
Analysts on average expected a profit of $1.12 a share, according to Thomson Reuters I/B/E/S.
Sales rose 6 percent to $2.21 billion, beating the analysts' average estimate of $2.17 billion.
Barbie sales increased 3 percent, after posting declines in the previous four quarters. The iconic doll, which was launched more than 50 years ago, had been overshadowed by the Monster High dolls.
Sales were up 20 percent for American Girl and up 28 percent for Mattel's "other girls' brands," which include Monster High. Sales were flat for the Fisher-Price brand and fell 9 percent at the unit that includes Hot Wheels toy cars.