Shares in Mattel sank 9.1 percent yesterday after the largest US toy maker by revenue said its first-quarter net income fell 53 percent, largely due to acquisition charges, while global sales slipped for its iconic Barbie and Hot Wheels products.
For the quarter ended March 31, profit fell to $7.8 million, or 2 cents a share, from $16.6 million, or 5 cents a share, in the year-earlier period. The latest results include 4 cents a share of acquisition and integration costs related to the purchase of HIT Entertainment.
Globally, gross sales of Barbie were down 6 percent, while Hot Wheels’ sales were down 5 percent, and sales were roughly flat at Fisher-Price brands.
global sales, Hot Wheels, acquisition, Mattel, net income