EL SEGUNDO (dpa-AFX) - Mattel Inc. (MAT) Wednesday reported a second-quarter loss that widened from a year ago, hurt largely by lower sales despite strong sales at the company's iconic Barbie doll unit. The toy maker's loss for the quarter were lower than what Wall Street analysts expected.
El Segundo, California-based Mattel's second-quarter loss widened to $19.1 million or $0.06 per share from $11.4 million or $0.03 per share last year.
Adjusted loss for the quarter were $0.02 per share. Analysts polled by Thomson Reuters estimated loss of $0.05 per share for the quarter.
Net sales for the quarter dropped 3 percent to $957.3 million from $988.2 million last year. Analysts had a consensus revenue estimate of $936.58 million.
Gross margins for the narrowed to 45.3 percent from 47.9 percent a year ago.
Barbie sales for the quarter jumped 23 percent to $160.5 million.
CEO Christopher Sinclair said, 'We continue to see improved brand momentum across much of our portfolio, and our slate of entertainment licenses is strong and building. 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.'
Brand-wise, sales for Mattel Girls & Boys brands declined 8 percent to $553.7 million, Fisher-Price brands, which includes the Fisher-Price Core, Fisher-Price Friends and Power Wheels brands, rose 3 percent to $346.3 million. Sales for American Girl brands, which offers American Girl-branded products directly to consumers, slipped 19 percent to $68.1 million. Construction and Arts & Crafts brands, which includes the MEGA BLOKS and RoseArt brands, rose 12 percent to $72.3 million.
MAT closed Wednesday's trading at $32.83, up $0.46 or 1.42%, on the NYSE. The stock further grew $1.17 or 3.56% in the after-hours trade.
Copyright RTT News/dpa-AFX