Additionally, toy manufacturer Mattel, Inc. (MAT, Financial) advanced in the period on better than expected top and bottom line results. Demand at retail exhibited the resilience of the company's brands, while e-commerce continued to build momentum heading into the holiday season. MAT also delivered gross margin improvement for the third sequential quarter, announced plans to pay down debt with excess free cash flow and reissued full year 2020 guidance. Looking ahead, we believe the company has sufficient liquidity to navigate the COVID-19 operating environment and remain encouraged by management's successful execution on the Structural Simplification Plan and cost savings initiatives. We have conviction in the leadership team's ability to transform MAT into an IP-driven, high performing toy company.
From John Rogers (Trades, Portfolio)' Ariel Fund fourth-quarter 2020 shareholder commentary.
