Mattel Inc.’s fourth-quarter earnings plunged as sales fell 22% after cash-strapped consumers pulled back on spending and last-minute holiday purchases weren’t enough to lift results.
The maker of Barbie dolls and Hot Wheels cars said Wednesday that overall revenue declined to $1.4 billion in the period that ended Dec. 31 amid a macroeconomic environment that was more challenging than it anticipated. Profit came in at $16.1 million, down 93% from $225.8 million a year earlier. Both measures missed Wall Street expectations.
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You cannot eat toys. Sorry kids, it is what it is...
Too broke to buy any nice stuff this Christmas
To many families, it's either toys or food. Thank you Joe!