News Brief
Mattel Sales Sink 19%; Earnings Up Sharply
Jul 17, 2009, 1:43 PM
Faced with challenging currency exchange rates and few toys tied to hit movies, Mattel says its worldwide sales fell 19% to $898.2 million in the second quarter - a 12% decline in the U.S., and a 26% tumble internationally.
Sales of Barbie products fell 15%, Fisher-Price decreased 13%, and Hot Wheels had a 10% slump: sales at its American Girl division were flat.
Due to aggressive tightly managed expenses, though, the El Segundo, Calif.-based company saw a sharp gain in profits. Net income for the quarter came in at $21.5 million, up from $11.8 million in the second quarter of last year.--Sarah Mahoney
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