NEW YORK — Barbie proves there is life after 50, especially if you're willing to keep reinventing yourself.

Sales of Mattel's fashion icon, which celebrated five decades last year, increased for the first time in almost two years, helping put some holiday cheer into Mattel's 4th-quarter earnings report Friday.

That and cost cutting helped the No. 1 U.S. toy maker's fourth-quarter profit jump 86 percent on a 1 percent sales increase.

"Barbie is back," CEO Bob Eckert said.

Mattel seems to be back as well. The better-than-expected earnings are a big improvement from last year, the weakest holiday season in decades, when Mattel's profit slid by nearly half and revenue dropped 11 percent.

The improvements stem from price increases taken over the past year and a global cost-cutting program. During the year the company cut jobs, improved its supply chain, reduced the number of items in development and slashed capital spending.

Sales of Barbie rose 12 percent in the quarter, including a 9 percent rise in the U.S. and a 14 percent jump internationally.

Key items included Barbie's new Fashionista line, which are smaller, more bendable Barbies accompanied by fashionable accessories.

The sales increase was "by far the biggest increase in Barbie sales in over 10 years," said Needham & Co. analyst Sean Needham.

Eckert said Barbie market share and retail orders are up so far this year.

"I think the product line has turned a corner," said BMO Capital Markets analyst Gerrick Johnson. "It looks sharper, more relevant than it has in the past."