Reduced Demand for Barbie Leave Mattel with a Global Decline in Sales for the 4th Quarter
While a Barbie can bring a smile to a little girl's face, its falling sales rate could not make Mattel Inc., its maker happy this time.
On Friday, Mattel reported its fourth-quarter earnings reports that revealed a weak performance which resulted in the resignation of the company's chairman and CEO. The preliminary earnings report on Monday could not meet the forecast of the analysts and at the same time the company announced the resignation of Bryan Stockton.
Sales of Barbie dropped by12 percent, which was much better than the 21 percent drop seen in the third quarter. Sale of American Girl dolls also dropped 4 percent, but the figures were better than the third quarter decline of 7 percent. The sale of Hot Wheels however climbed 5 percent.
Mattel Inc's interim CEO said that the toy maker requires dealing with the situation with a "sense of urgency" and must look forward to create toys which today's young children can relate to. In this holiday season, the dolls styled with Disney's blockbuster film "Frozen" grabbed the show leaving Barbie behind.
The company also manufactures Fisher-Price preschool toys. For this quarter, it reported the fifth straight decline in saes globally.
New Zealand News
- Plug-in cars’ share grows to 32% in Netherlands in September 2021
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain