Tuesday, July 7th19.3°C
26939
26015

Barbie sales continue to slide

Monster High dolls are taking a bite out of Barbie.

Mattel said Wednesday its second-quarter net income fell 24 per cent, hurt by a continued slide in Barbie sales and a $14 million write-down on the toy maker's Polly Pocket line.

Its shares dropped more than 7 per cent in morning trading.

It was the fourth straight quarter of sales declines for Barbie, one of Mattel's biggest and most iconic brands, and Mattel executives said their Monster High and other girls doll lines were likely taking away some sales from the 54-year-old fashion doll.

Monster High dolls, which are based on teen characters that are offspring of famous monsters, have been a huge hit for Mattel since they were introduced in 2010.

"We've introduced new franchises that have fueled significant category growth for the industry," said CEO Bryan Stockton "The Barbie brand is likely being modestly impacted by their successes."

Still, Stockton noted that Barbie was still the largest doll brand and its sales continue to higher than when Monster High was introduced in 2010.

Toy industry sales have been in slight decline all year, hurt by cautious consumer spending, a video game industry slump and increased demand for electronic gadgets like smartphones and tablets. And while Mattel, the largest U.S. toymaker and maker of Monster High dolls and Hot Wheels toys, usually outperforms its rivals, the latest results show it is not immune to industry-wide declines.

CEO Bryan Stockton said the results reflect a $14 million asset impairment charge related to its Polly Pocket line as well as investments made to help the company grow in the future, investing in American Girl stores, and expanding in Russia and China.

In the April-to-June quarter, Mattel's net income dropped to $73.3 million, or 21 cents per share. That compares with $96.2 million, or 28 cents per share, a year ago.

Mattel didn't specify what it earned excluding unusual items. Analysts expected earnings of 32 cents per share but typically exclude unusual items from the estimates.

The Canadian Press


Read more Business News

26908


Recent Trending




Today's Market
S&P TSX14624.50+30.93
S&P CDNX652.83-10.50
DJIA17776.91+93.33
Nasdaq4997.46+5.52
S&P 5002081.34+12.58
CDN Dollar0.7842-0.0022
Gold1149.40-3.00
Oil52.71-0.32
Lumber282.00+0.80
Natural Gas2.707-0.009

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.50-0.02
Cantex0.05+0.02
Anavex Life Sciences0.53+0.01
Metalex Ventures0.065-0.010
Russel Metals22.58+0.19
Copper Mountain Mining1.04-0.05
Colorado Resources0.09+0.01
ReliaBrand Inc0.0065+0.0005
Sunrise Resources Ltd0.03-0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.00

 



26755

FEATURED Property
202582715686 Whiskey Cove Road
3 bedrooms 3 baths
$7,500,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Increase property value

Photo: Thinkstock.comHere are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment five to six times what t...


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...

_








Member of BC Press Council


26680