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U.S. markets recover from steep losses
EL SEGUNDO, Calif., Feb. 3 (UPI) -- Mattel Inc. said sales fell 11 percent in the fourth quarter, proving the recession did not spare the largest U.S. toymaker during the holidays.
"Our business was not immune from the deteriorating economic environment of 2008," Chairman and Chief Executive Officer Robert Eckert said in a statement.
Sales of the iconic Barbie doll fell 21 percent in the fourth quarter, compared with a year ago. Hot Wheels sales fell 22 percent. American Girl brands sales rose in the quarter, up 5 percent from a year ago, but overall net income dropped to $176.4 million in the quarter compared to $328.5 million in 2007.
Worldwide sales dropped 11 percent to $1.94 billion in the quarter. For the year, Mattel's sales dropped 1 percent to $5.92 billion, the company said.
Although no specific reductions were announced, "in response, our focus for 2009 is on cost and spending reductions, and maintaining a strong balance sheet," Eckert said.
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