NEW YORK (TheStreet) -- Shares of Mattel Inc. (MAT)MAT are down by -8.28% to $35.80 in pre-market trading on Thursday, after the company reported its 2014 second quarter financial result which showed a decline in net earnings and sales due to drop in demand for the toy maker's classic Barbie Doll.
Worldwide gross Barbie sales were down 15% from the prior year, sales for the company's other brands including Hot Wheels were down 2%, and Fisher-Price sank 17% from last year. The company did report a 6% increase in American Girl sales.
For the most recent quarter Mattel reported earnings of $28.3 million, or 8 cents per share, compared to $73.3 million, or 21 cents for the 2013 second quarter.
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Total net sales decreased 9% to $1.06 billion from the previous year's second quarter. Separately, TheStreet Ratings team rates MATTEL INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: "We rate MATTEL INC (MAT) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
MAT data by YCharts
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