Profits up, but sales down for Mattel in Q2

Net income up to $21.5m for period, but worldwide net sales down 19 per cent.
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Toy giant Mattel has reported its second quarter financials, revealing an increase in net income but a fall in sales worldwide.

The company revealed net income of $21.5 million for the three months ending June 30th, compared to $11.8 million for the same period last year.

However, worldwide net sales were down 19 per cent; domestic gross sales were down 12 per cent; while international gross sales took a 26 per cent hit.

"In light of the challenging global economy, the quarter's results met our expectations, with revenues negatively impacted largely by our lack of toys based on summer entertainment properties as well as foreign exchange rates," said Robert Eckert, chairman and CEO of Mattel. "That said, we are pleased with our ability to deliver on what is in our control, including tightly managing expenses, which has resulted in improved margins, profitability and cash flow for the quarter."

Worldwide gross sales for core brands Barbie, Hot Wheel, Fisher-Price and American Girl were down 15 per cent, ten per cent and 13 per cent and flat respectively.

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