Sales, Profits Fall At Mattel
Mattel says that its worldwide sales fell 2% in the first quarter to $928.4 million, with revenues in North America declining 9%. And net income for the toymaker dropped 53% to $7.8 million, compared to last year's first quarter net income of $16.6 million, reflecting the cost of its HIT Entertainment acquisition. Worldwide, gross sales of its Barbie brand fell 6%; sales at Hot Wheels slipped 5%.
In its Fisher-Price unit, sales were flat, while American Girl sales climbed 4%. The El Segundo, Calif.-based marketer says its market share improved, and that despite declining results, even Barbie and Hot Wheels gained share in the U.S. and Europe.