Sales dip: Barbies for sale at a toy store in New York City. Mattel reported a quarterly 6% drop in net sales to US$1.02bil, missing analysts’ estimate of a 2.7% decline to US$1.05bil. — AFP
NEW YORK: Toymaker Mattel cut its annual forecast, reinstating it after two months, and posted a sharp drop in second-quarter revenue, as weak Barbie sales in North America and global trade uncertainties weighed on demand.
The Hot Wheels parent had pulled its sales and profit forecasts in May, when US President Donald Trump’s shifting trade policy upended global supply chains and cast uncertainty over consumer spending trends.
