Mattel suffered a big quarterly loss, although higher sales of Hot Wheels were a bright spot (JUSTIN SULLIVAN)<\/i><\/p>\n
New York (AFP) – Mattel reported a big first-quarter loss amid falling sales of most of its toys as the coronavirus roiled operations and shuttered many retail outlets.<\/p>\n
The toy company, maker of Barbie and Thomas & Friends, suffered a $210.7 million loss in the three-month period when revenues fell 13.8 percent to $594.1 million.<\/p>\n
Mattel also joined the plethora of large companies to withdraw annual financial forecasts in the wake of the coronavirus and the uncertain timing on an economic rebound.<\/p>\n
The company said its manufacturing and distribution capacity had been “largely restored,” including in toy-producing center China, where some activity had been frozen earlier in the year during that country’s coronavirus outbreak.<\/p>\n
Sales of Hot Wheels toys rose one percent, but all other major products fell. This included dolls, which is home to Barbie and American Girl, where sales fell 11 percent. <\/p>\n
Sales at Fisher-Price plunged 28 percent.<\/p>\n
Despite weakness expected to continue into the second quarter, “we are planning for increased demand for our products in expectation of a much-improved second half and holiday season,” said Chief Executive Ynon Kreiz.<\/p>\n
Shares of Mattel fell 8.2 percent to $7.90 in after-hours trading.<\/p>\n
Disclaimer:<\/b> Validity of the above story is for 7 Days from original date of publishing. Source: AFP.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"
Mattel suffered a big quarterly loss, although higher sales of Hot Wheels were a bright spot (JUSTIN SULLIVAN) New York (AFP) – Mattel reported a big first-quarter loss amid falling sales of most of its toys as the coronavirus roiled operations and shuttered many retail outlets. The toy company, maker of Barbie and Thomas &…<\/p>\n