Toys maker Mattel (NASDAQ:MAT) saw its earnings fall by almost a third as sales of its Barbie doll slumped.
The world’s largest toy maker by sales battled against a strong dollar as it attempted to shore up the appeal of its flagship product, Barbie, which has somewhat been deserted by young girls since the astonishing success of the Walt Disney film, “Frozen”.
Net income of US$223.8mln was down from US$331.8mln the year before, while earnings per share (EPS) tumbled to 66 cents from 97 cents; analysts that follow the stock had been braced for a fall in EPS, but only to around 80 cents, so the extent of the fall was a shock.
The company’s Girls and Boys Brands unit, which produces the iconic Barbie doll, saw revenue fall 6% year-on-year in constant currency terms to US$1.1bn, versus analysts’ forecasts of US$1.2bn.
Worldwide net sales for the whole group fell 4% in constant currency year-on-year.
The results, released after the close of trading on Thursday, reacted stoically to the news, and in fact edged up a little in pre-market trading on Friday.