FILE - In this Thursday, April 26, 2007 file photo, the Mattel company headquarters is seen in El Segundo, Calif. Toy maker Mattel said Thursday April 17, 2014 weak sales of Barbie and markdowns to clear out excess inventory left over from a sluggish holiday season led to an unexpected first-quarter loss. (AP Photo/Reed Saxon, File)
April 17, 2014 - 3:26 AM
EL SEGUNDO, Calif. - Toy maker Mattel says weak sales of Barbie and markdowns to clear out excess inventory left over from a sluggish holiday season led to an unexpected first-quarter loss.
Toy makers are facing a weak environment globally due to the uncertain economy and popularity of electronic gadgets.
The largest U.S. toy maker says its net loss for the three months ended March 31 totalled $11.2 million, or 3 cents per share. That compares with net income of $38.5 million, or 11 cents per share last year. Analysts expected earnings of 7 cents per share.
The company which makes Disney Princess dolls and Hot Wheels cars says revenue fell 5 per cent to $946.2 million. Analysts expected $947.6 million. Barbie revenue dropped 14 per cent.
News from © The Associated Press, 2014