Mattel Profit Slips; Barbie to Blame
EL SEGUNDO, CALIF. (TheStreet) -- The lack of toys tied to blockbuster movies in the third quarter hurt Mattel's (MAT) profit by 3%.
During the quarter, the company earned $229.8 million, or 63 cents a share, compared with $238.1 million, or 65 cents, in the year-ago period. Results were in-line with analysts expectations.
Revenue fell 8% to $1.79 billion, weighed down in part by foreign exchange rates.
Some of the biggest decliners were Barbie, which slipped 8% and Fisher Price toys, which were down 6%. But Mattel did see growth in Hot Wheels, which jumped 9% and American Girl toys, which inched up 4%.
Heading into the holiday season some of the biggest toy retailers like Wal-Mart Stores (WMT) and Target (TGT) have said they are drastically slashing prices. Wal-Mart announced that it will be offering 100 toys for just $10. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.Select the service that is right for you!
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