Mattel sales down 15 per cent

Mattel has reported a net loss of $51 million, or 14 cents per share in the first quarter.
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For the quarter, net sales were $785.6 million, down 15 per cent compared to $919.3 million last year. On a regional basis, the first quarter gross sales decreased six per cent in the US and 23 per cent in international markets.

Operating loss for the quarter was $55.2 million, compared to prior year's operating loss for the quarter of $36.5 million.

Core brands results included Barbie, which fell five per cent; Hot Wheels was down three per cent; Core Fisher-Price fell 17 per cent and American Girl brands was down four per cent.

Operating loss of $55.2 million compared to operating loss of $36.5 million in the first quarter of 2008.

Robert Eckert, chairman and chief executive officer commented: "This quarter's results met our expectations, with revenues negatively impacted by foreign exchange rates and retailer inventory reductions. We've made good progress on several strategically important fronts, and will continue to manage costs and expenses in light of expected revenue challenges."

The firm remains confident for the remainder of the year, however, as Eckert explained: "As I'm talking to customers, I don't hear people talking about inventory today like they were talking about inventory in January. My sense is the heavy lifting is probably behind us."

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