Mattel has announced sales decline for the eighth consecutive quarter

by:Ennas      2021-12-23

Dow Jones news, Mattel Inc. (MattelInc., MAT) third-quarter profit fell 33%, the toy manufacturer has announced sales declines for the eighth consecutive quarter, including the significant sales of the representative Barbie doll reduce.   The decline in Mattel’s performance was not only dragged down by the appreciation of the U.S. dollar, but also reflected the difficulties faced by the world’s largest toy manufacturer in terms of sales as it embarked on its transformation.   The big drop in Barbie doll sales is the main problem. As Mattel’s most profitable brand, Barbie’s sales are now facing difficulties, as young girls have begun to tend to buy other dolls, such as those based on Disney’s hot movie 'Frozen.' The overall global sales of Barbie dolls fell by 14% in the last fiscal quarter, marking the eighth consecutive fiscal quarter with double-digit declines.   Mattel announced after the market on Thursday that its third-quarter profit was $223.8 million, or 66 cents per share, which was down from $331.8 million in the same period last year, or 97 cents per share. Excluding the cost of mergers and acquisitions and layoffs related to MegaBrands, earnings per share fell from 98 cents to 71 cents. Total revenue fell 11% to 1.79 billion US dollars, a 4% drop excluding the impact of foreign exchange.   Analysts surveyed by Thomson Reuters originally estimated earnings per share of 80 cents, and revenue of $1.89 billion.
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