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| Mattel profit slumps as Barbie's appeal continues to fade | |
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| Mattel, the world's largest toymaker, reported a 23% drop in profit as sales of its doll Barbie decreased for the fourth quarter in a row. | Mattel, the world's largest toymaker, reported a 23% drop in profit as sales of its doll Barbie decreased for the fourth quarter in a row. |
| Toy sales in mature markets such as the US and Europe have been weak so far this year, but Mattel had previously fared better than its competitors helped by the growing sales of its American Girl and Monster High dolls. | Toy sales in mature markets such as the US and Europe have been weak so far this year, but Mattel had previously fared better than its competitors helped by the growing sales of its American Girl and Monster High dolls. |
| The firm, which also makes Hot Wheels cars and Fisher-Price baby toys, said second-quarter net income fell to $73.3m (£48m), or 21 cents a share, from $96.2 a year earlier. | The firm, which also makes Hot Wheels cars and Fisher-Price baby toys, said second-quarter net income fell to $73.3m (£48m), or 21 cents a share, from $96.2 a year earlier. |
| Analysts on average were expecting earnings of 32 cents a share, according to the Thomson Reuters database. | Analysts on average were expecting earnings of 32 cents a share, according to the Thomson Reuters database. |
| Worldwide Barbie sales shrank by 12%. The firm does not break down Barbie sales by market as it is part of the Mattel Girls & Boys Brands unit. Sales at the unit rose 1% to $792.4m during the quarter. | |
| Sales of American Girl dolls, which Mattel sells through its own stores, catalogue and websites, rose 14% to $78.2m. | Sales of American Girl dolls, which Mattel sells through its own stores, catalogue and websites, rose 14% to $78.2m. |
| Sales of the company's Other Girls brands were up 23%, mainly driven by Monster High dolls. | Sales of the company's Other Girls brands were up 23%, mainly driven by Monster High dolls. |
| Most of Mattel's brands in the US sell through retailers like Walmart, Target and Toys R Us. | Most of Mattel's brands in the US sell through retailers like Walmart, Target and Toys R Us. |
| The toy car business, which includes the Hot Wheels and Matchbox brands, also struggled with sales, falling 6%. Sales of Fisher-Price toys fell 3%t to $396.7m. | The toy car business, which includes the Hot Wheels and Matchbox brands, also struggled with sales, falling 6%. Sales of Fisher-Price toys fell 3%t to $396.7m. |
| Total sales rose 1% to $1.17bn, missing analysts' average estimate of $1.22bn. | Total sales rose 1% to $1.17bn, missing analysts' average estimate of $1.22bn. |
| Mattel said selling, general and administrative costs as a percentage of net sales rose by 320 basis points, including the impact of an asset impairment charge of 120 basis points. The company added that it increased its share repurchase scheme by $500m | Mattel said selling, general and administrative costs as a percentage of net sales rose by 320 basis points, including the impact of an asset impairment charge of 120 basis points. The company added that it increased its share repurchase scheme by $500m |
| Smaller toy company Hasbro is due to report its results on 22 July. | Smaller toy company Hasbro is due to report its results on 22 July. |
| Mattel shares were unchanged in pre-market trading after closing at $46.33 on Tuesday. | Mattel shares were unchanged in pre-market trading after closing at $46.33 on Tuesday. |