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Hasbro, Mattel Miss Estimates

Mattel reports sharply lower Barbie sales.
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Two toymakers,


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, reported quarterly earnings Monday that missed Wall Street estimates.

Citing weak sales of Barbie products, Mattel, the world's No. 1 toymaker, saw earnings slide 12% from a year ago to $225.3 million, or 55 cents a share. Sales were virtually unchanged at $1.67 billion. On average, analysts were expecting earnings of 61 cents a share on sales of $1.72 billion.

Worldwide sales in Mattel's Barbie brand fell 18% in the third quarter. Worldwide gross sales for the unit that includes Hot Wheels rose 4%, while sales in the American Girl brand rose 12%.

"Third-quarter results are disappointing as sales increases in much of our portfolio were offset by declines in the Barbie brand," the company said. "Overall, we continue to experience the effect of a difficult retail environment as well as cost increases."

The situation was slightly better at Hasbro, where quarterly earnings rose 4% to $92.1 million, or 47 cents a share. Revenue also rose 4% to $988.1 million. Analysts had been expecting earnings of 41 cents a share on $997.1 million in sales.

Hasbro, which vowed "there is still a lot of business to be done in the fourth quarter," said strong products in the latest period included Star Wars merchandise, Furby, Nerf, Transformers and Playskool.