Business & Tech
Barbie Maker, Mattel, Posts $11.7 Million Loss in Second Quarter
Quarterly net sales in the North American Region increased by 3 percent versus the prior year, but international sales were down 10 percent.
EL SEGUNDO, CA - Mattel Inc. reported an operating loss of $11.7 million, or 6 cents per share, for its second quarter amid a 3 percent drop in worldwide net sales compared to the prior-year period.
Quarterly net sales in the North American Region, which consists of the United States, Canada and American Girl direct-to-consumer sales, increased by 3 percent versus the prior year. But in the International Region, net sales decreased by 10 percent.
Christopher Sinclair, chairman and CEO of the El Segundo-based toymaker, said the second quarter results "reflect good ongoing progress in our turnaround."
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"Importantly, we continue to see improved brand momentum across much of our portfolio, and our slate of entertainment licenses is strong and building," he said. "Overall, our performance is in line with our expectations, and allowing for continuing foreign exchange headwinds, we remain broadly on track with our outlook for the year."
— City News Service, photo courtesy of Mattel
