Mattel sales slide as Barbie brand continues slow decline
Net income at US toy manufacturer Mattel has slid from $331.8m to $223.8m in the three months to September on the back of disappointing sales of its flagship Barbie doll, which fell 4 per cent.
Despite also being hurt by a strong dollar, which makes Mattel’s products more expensive overseas where half of all revenues are drawn, Mattel said the results were ‘broadly in line’ with expectations.
Chief executive Christopher Sinclair said: “We're very encouraged by the progress we are making on reenergizing the company.
"As we continue our turnaround efforts, we remain comfortable with our full-year outlook.
The 56 year-old Barbie brand has lost its lustre in recent years as children shun traditional toys in favour of video games and tablets, with sales falling for the past eight successive quarters.