Business

Mattel’s net up but sales disappoint

Sales of Barbie, perhaps Mattel’s best-known brand, fell 13 percent.
Sales of Barbie, perhaps Mattel’s best-known brand, fell 13 percent.Credit: Gene J. Puskar /Associated Press

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Mattel Inc.’s net income was up 23 percent, rising to $1.07 a share, or $369.2 million, from 87 cents, or $306.5 million, a year earlier. But the toy giant’s performance disappointed analysts, who had expected profit of $1.19 a share. Revenue also fell short of projections, declining 6 percent to $2.11 billion, missing the $2.37 billion mark forecasted. Gross sales slipped 10 percent in the United States. One of the few bright spots in Mattel’s report was American Girl, which saw sales swing up 3 percent.

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