Mattel shares plunged after the company reported a bigger-than-expected quarterly loss and drop in sales, hurt by poor demand for key brands Barbie and Fisher-Price. Roselle Chen reports.
Mattel reported much bigger-than-expected quarterly loss and drop in sales. Reason? Poor demand for key brands, Barbie and Fisher-Price, and big discounts to move leftover inventory after weak holiday sales. The world's biggest toymaker also cut its full-year sales growth forecast. Mattel's shares plunged on the news. Its fortunes are in sharp contrast with its rival Hasbro, which took over a lucrative deal from Mattel to make Disney princess dolls in 2014. Hasbro is due to report on Monday.