Thursday, September 18th18.3°C
19716
22768

Mattel reports 1st quarter loss on weak sales of Barbie, weakness internationally

EL SEGUNDO, Calif. - Toy maker Mattel says weak sales of Barbie and markdowns to clear out excess inventory left over from a sluggish holiday season led to an unexpected first-quarter loss.

Its shares fell almost 5 per cent in premarket trading.

Toy makers are facing a weak environment globally due to the uncertain economy and popularity of electronic gadgets. The first quarter is the seasonally smallest for toy makers, coming after the key holiday quarter which can account for up to 40 per cent of revenue.

In addition, Mattel Inc. has been struggling with weakness in core brands like Barbie, which had a 14 per cent drop in sales, and Fisher-Price, down 6 per cent.

"Revenues were consistent with our expectations as we worked through inventories in a challenging global retail environment," said CEO Bryan G. Stockton.

The largest U.S. toy maker says its net loss for the three months ended March 31 totalled $11.2 million, or 3 cents per share. That compares with net income of $38.5 million, or 11 cents per share last year. Analysts expected earnings of 7 cents per share.

The company which makes Disney Princess dolls and Hot Wheels cars says revenue fell 5 per cent to $946.2 million from $995.6 million. Analysts expected $947.6 million. Revenue fell 2 per cent in North America and 7 per cent internationally.

Separately the company declared a second-quarter dividend of 38 cents, payable on June 13 to shareholders of record on May 23.

Its shares dropped $1.81, or 4.8 per cent, to $36.07 in premarket trading about two hours before the market opening.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15465.54+6.66
S&P CDNX965.79-6.72
DJIA17265.99109.14
Nasdaq4593.426+31.237
S&P 5002011.36+9.79
CDN Dollar0.9129-0.0014
Gold1223.40-3.50
Oil92.92-0.15
Lumber349.00+1.00
Natural Gas3.96-0.015

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.32+0.07
Cantex0.060.00
Anavex Life Sciences0.2261-0.01
Metalex Ventures0.060.00
Russel Metals37.01+0.64
Copper Mountain Mining2.68-0.05
Colorado Resources0.175+0.005
ReliaBrand Inc0.024-0.003
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.30+0.01

 



23171

FEATURED Property
19978695839 Oyama Lake Road
10081163 bedrooms
$357,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...

_








Member of BC Press Council


22267