Mattel Cuts Forecast as Tough Holidays Loom; Shares Fall
- Toymaker beat third-quarter profit estimates, saw flat sales
- Inflation stings industry and affects price-sensitive buyers
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Mattel Inc., the company behind Barbie dolls and Fisher-Price products, lowered its full-year profit forecast, suggesting high inflation will take a toll on the holiday shopping season.
The toymaker expects to earn $1.32 to $1.42 a share in 2022, lower than the previous forecast of $1.42 to $1.48, according to a statement Tuesday. It is also “re-evaluating its expectations” for 2023, and plans to provide an update in its fourth-quarter earnings call early next year.