Mattel earnings fall on weaker Barbie sales
New York - The world's largest toy maker, Mattel, reporting second quarter earnings were down steeply on weaker sales of its classic Barbie dolls.
Net profits fell by nearly half to 11.8 million dollars, or 3 cents per share, from 22.8 million dollars, or 6 cents per share, in the year-earlier period, the El Segundo, California-based firm said.
Total sales rose 11 per cent to 1.1 billion dollars driven by stronger international demand, which was up 15 per cent, while US sales suffered as the result of a weaker economy, dropping 3 per cent.
Mattel had fallen into the red in the first quarter and analysts had predicted an even steeper decline in profits for the reporting period.
Toys tied to the hit films Speed Racer and Kung Fu Panda were good earners for the toy giant, which was also aided by strong sales of its Fisher Price brand and American Girl dolls. Figures tied to the new Batman film are expected to provide an added boost to summer sales, chief executive Robert Eckert said. (dpa)