Mattel Inc. on Thursday reported its first quarterly loss in five years, blaming it on weaker Barbie sales and excess inventory marked down due to a lackluster holiday season.
The El Segundo toymaker reported a first quarter net loss of $11.2 million (3 cents a share) compared with net income of $38.5 million (11 cents) in the same period a year earlier.
Revenue fell 5 percent to $946 million, with Barbie sales down 14 percent and Fisher-Price preschooler products off 6 percent. American Girl sales were a bright spot, with sales up 5 percent.
Excluding one-time items, the company earned 1 cent a share. Analysts surveyed by Thomson Reuters on average had expected adjusted net income of 7 cents a share on revenue of more than $947 million.
“Revenues were consistent with our expectations as we worked through inventories in a challenging global retail environment,” Chief Executive Bryan Stockton said in a statement.
Shares closed down 41 cents, or 1 percent, to $37.47 on the Nasdaq.