|  |  |  |  | 

Business News Sourced Wired

‘Slumping’ Barbie sales hurt toy giant Mattle’s Q1 earnings

New York, Apr 19 (ANI): Toymaker Mattle’s sales of its iconic Barbie dolls have reportedly tumbled 14 percent in the first quarter.

According to New York Daily News, the company’s worldwide sales fell 5 percent to 946.2 million dollars and Mattel Inc. reported a net loss of 11 million dollars.

Meanwhile, senior research analyst Stephanie Wissink at Piper Jaffray said that Barbie is competing with a lot of other girl brands that didn’t exist previously.

She added that there’s a much greater need to be innovative and bring new product to the consumer.

Meanwhile, Toymaker Mattel said that 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 of 11 million dollars, adding that in the all-important holiday quarter, its net sales had fallen 6 percent, the report added. (ANI)