Toy maker Mattel's sales fell 22% during the holiday period as cash-strapped consumers pulled back on spending
Mattel Inc.’s fourth-quarter earnings plunged as sales fell 22% after cash-strapped consumers pulled back on spending and last-minute holiday purchases weren’t enough to lift results.
The maker of Barbie dolls and Hot Wheels cars said Wednesday that overall revenue declined to $1.4 billion in the period that ended Dec. 31 amid a macroeconomic environment that was more challenging than it anticipated. Profit came in at $16.1 million, down 93% from $225.8 million a year earlier. Both measures missed Wall Street expectations.
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