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Mattel slides after weak quarter

Published 02/01/2018, 04:15 PM
© Reuters.  Mattel slides after weak quarter
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  • Mattel (NASDAQ:MAT) reports a 12% drop in sales in Q4 after another weak performance in North America.
  • Revenue in North America was off 17% Y/Y with the Toys "R" us bankrupcty cited as a drag.
  • Sales from the American Girls Brands busines fell off 21%, while Fisher-Price Brands sales were down 11%.
  • Gross margin plummeted to 30.7% of sales vs. 47.0% a year ago.
  • CEO update: "We have taken aggressive action to enter 2018 with a clean slate so that we can reset our economic model and rapidly improve profitability. We are optimistic about stabilizing revenue in 2018 anchored by our key power brands, entertainment partnerships and exciting new launches. We continue to gain momentum toward the medium-term goals we shared at our June Investor Day."
  • Previously: Mattel misses by $0.89, misses on revenue (Feb. 1)
  • Shares of Mattel are down 5.38% AH to $14.50.
  • Now read: Mattel Is Being Hammered In France


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