The price of gasoline continued to tick lower on Thursday.The average price of a gallon of gasoline on Wednesday was $3.445.One week ago, a gallon of gasoline cost $3.498. A month ago, that same gallon of gasoline cost $3.280.per gallon at $4.593, but that is still far from the $3.854 of a year ago.Mattel logo on Wednesday, joining rival Hasbro Inc in feeling the brunt of persistently high inflation that has hit demand for its action figures and Barbie dolls.
While the toy industry has historically been more resilient to economic downturns than other discretionary sectors, Mattel said demand dropped off suddenly and sharply in October and November, leading to more profit-margin denting clearance sales to get rid of excess inventory.between $1.10 and $1.20 per share for the full year, below analysts' expectations of $1.66, according to Refinitiv data.
The company's gross margin fell 630 basis points to 43% in the fourth quarter ended Dec. 31. Excluding one-time items, Mattel earned 18 cents per share, below estimates of 29 cents. Overall gross billings for Barbie, Mattel's biggest brand, fell 33% in the quarter, while those of Hot Wheels rose 8%.Posted by Reuters
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