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Weak sales at largest US toy maker
Source: Agencies |
April 18, 2009, Saturday
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MATTEL Inc, the largest United States toy maker, said yesterday that weak sales overseas and cautious orders by retailers led to a larger first-quarter loss that just missed analyst expectations.
Sales fell in most key product categories. Sales of Barbie products fell 5 percent, as a double-digit increase in the US was offset by declines internationally due to the stronger US dollar. Fisher Price sales fell 17 percent, Hot Wheels fell 3 percent and American Girl fell 4 percent.
The toy maker's loss for the quarter ended March 31 totaled US$51 million, or 14 US cents per share, compared with a loss of US$46.6 million, or 13 US cents per share, a year ago. Analysts polled by Thomson Reuters on average expected a loss of 13 US cents per share.
Revenue fell 15 percent to US$785.6 million from US$919.3 million last year. That missed analyst expectations of US$795.8 million.
Sales fell 6 percent in the US and 23 percent internationally. Mattel said about half of its sales come from outside the US.
Sales fell in most key product categories. Sales of Barbie products fell 5 percent, as a double-digit increase in the US was offset by declines internationally due to the stronger US dollar. Fisher Price sales fell 17 percent, Hot Wheels fell 3 percent and American Girl fell 4 percent.
The toy maker's loss for the quarter ended March 31 totaled US$51 million, or 14 US cents per share, compared with a loss of US$46.6 million, or 13 US cents per share, a year ago. Analysts polled by Thomson Reuters on average expected a loss of 13 US cents per share.
Revenue fell 15 percent to US$785.6 million from US$919.3 million last year. That missed analyst expectations of US$795.8 million.
Sales fell 6 percent in the US and 23 percent internationally. Mattel said about half of its sales come from outside the US.
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