Friday, February 27th-1.1°C
25329
24806

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

23015


Recent Trending




Today's Market
S&P TSX15234.34-6.82
S&P CDNX706.73+5.80
DJIA18132.70-81.72
Nasdaq4963.528-24.362
S&P 5002104.50-6.24
CDN Dollar0.7996+0.0004
Gold1203.00+6.10
Oil51.92+1.53
Lumber297.20+1.20
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.12+0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.03
Cantex0.035-0.005
Anavex Life Sciences0.190.00
Metalex Ventures0.035-0.005
Russel Metals25.38+0.08
Copper Mountain Mining1.30+0.04
Colorado Resources0.15+0.015
ReliaBrand Inc0.008-0.0007
Sunrise Resources Ltd0.05+0.015
Mission Ready Services0.235+0.025

 



25195

FEATURED Property
18126024219 Hobson Road, Kelowna, BC
10073969 bedrooms
$499,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...

_








Member of BC Press Council


24843