When asked if he had a catchphrase or mission statement, CEO Roger Lynch on his first earnings call said, “Oh give me a break, I just got here.”

“Barbie is a priority, but the current performance is not where it needs to be,” Roger Lynch said in his first earnings call as CEO. Gross billings in dolls were up 4% year over year to $703 million, driven by KPop Demon Hunters. But, Barbie was a drag on the category.

“Barbie is one of the most iconic and recognized brands in the world, and the number one doll globally,” Lynch said. “We know consumers respond when we bring them compelling product, content and cultural moments. Our focus is on doing that with more consistency with Barbie.”

Prior to Lynch being named CEO in September, the company had already identified the need to focus on the doll, and responded in part by launching a campaign dubbed “Barbie is Moving,” which includes brand partnerships, consumer products and new packaging, among other efforts.

Meanwhile, Hot Wheels, Mattel’s largest brand, continues to be a bright spot for the company. It is on track for its ninth consecutive record year and is approaching $2 billion in gross billings.

“Hot Wheels is perhaps the clearest example of what our brand-centric strategy can look like when we execute well,” Lynch said.

But, analysts warn, Mattel shouldn’t rely on brands like Barbie and Hot Wheels to carry the company.

“Those are iconic franchises, but that doesn't automatically translate into sales,” Emarketer analyst Zak Stambor said in written statements on Thursday.

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