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Mattel Drops as Falling Barbie Sales Hurt Profit

Mattel Drops Most in 15 Months as Profit Trails Estimates
Mattel Inc. sales dropped in the Barbie, Hot Wheels and Fisher-Price divisions and gained at American Girl and Other Girls, which includes the Monster High toys. Photographer: Simon Dawson/Bloomberg

Mattel Inc., the largest U.S. toymaker, dropped the most in 15 months after declining demand for the aging Barbie doll line and increased costs to expand the American Girl chain hurt second-quarter profit.

The shares fell 6.8 percent to $43.16 at the close in New York for the biggest one-day decline since April 2012.

Chief Executive Officer Bryan G. Stockton has been spending to expand the American Girl chain, which boosted sales 14 percent in the quarter, to help make up for declining interest in the 54-year-old Barbie doll line. Barbie sales slid 12 percent in the quarter.

Second-quarter net income fell 24 percent to $73.3 million, or 21 cents a share, from $96.2 million, or 28 cents, a year earlier, the El Segundo, California-based company said today in a statement. The average of 12 analysts’ estimates compiled by Bloomberg was 32 cents. Sales rose 0.9 percent to $1.17 billion, trailing the $1.22 billion average estimate.

Sales also dropped in the Hot Wheels and Fisher-Price divisions and gained in the Other Girls business, which includes the Monster High toys.

Other selling and administrative expenses in the period rose 12 percent to $391.8 million as the company spent on the American Girl expansion and upgrading its e-commerce technology.

Mattel has gained 18 percent this year, while the Standard & Poor’s 500 Consumer Discretionary Index added 25 percent.

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