Mattel Sees Challenging Holiday for Toy Industry

Mattel owarned of slowing demand for the toy industry heading into the crucial holiday season, taking the shine off its bumper third-quarter results driven by the "Barbie" movie's box-office success. The company's shares fell about 8% in extended trade Wednesday after the toymaker reiterated that its annual net sales forecast would be "comparable" to last year's figures of $5.44 billion.

A majority of the expected $125 million benefit from the "Barbie" movie to full-year sales was reflected in Mattel's third-quarter results, which handily beat market expectations. Even though Mattel shrugged off concerns around inventory destocking from retailers as it heads into the key holiday period, shopping is expected to be downbeat as crimped household budgets weigh on big-ticket purchases.

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