Mattel Earnings Fall on Stronger U.S. Dollar
15 Outubro 2015 - 5:50PM
Dow Jones News
Mattel Inc.'s third-quarter earnings fell 33% as the toy maker
booked its eighth straight quarter of falling sales, including
another big drop for its iconic Barbie doll.
The results were dragged down by a stronger U.S. dollar, but
also reflect ongoing struggles at the world's largest toy maker by
sales as it embarks on a turnaround. Christopher Sinclair, Mattel's
chief executive since April, has been trying to boost morale at a
company where the creative culture has struggled to come up with
hit products in recent years and has also bungled basic retail
execution during the holidays.
Mr. Sinclair is leaning on a top lieutenant, Richard Dickson, to
reinvigorate the creative team and improve marketing, and has also
shaken up the top management team. Despite another down quarter,
Mr. Sinclair said the results "were broadly in line with our
expectations at this stage of our turnaround" and that the company
is "comfortable" with the full year outlook.
A major problem has been Barbie, one of Mattel's most profitable
brands that has fallen on tough times as young girls have
gravitated to other dolls, like those based on the hit Disney
movie, Frozen. Barbie's overall sales fell 14% globally, its eighth
straight quarter of a double-digit drop.
Mattel reported a profit of $223.8 million, or 66 cents a share,
down from $331.8 million, or 97 cents, a year earlier. Excluding
items such as acquisition costs related to its Mega Brands
acquisition and severance expenses, earnings fell to 71 cents from
98 cents.Overall revenue fell 11% to $1.79 billion, or 4% excluding
currency effects.
Analysts polled by Thomson Reuters had forecast earnings of 80
cents on $1.89 billion in revenue.
Write to Paul Ziobro at Paul.Ziobro@wsj.com
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(END) Dow Jones Newswires
October 15, 2015 16:35 ET (20:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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