Mattel Inc.












MAT, -0.52%










shares tanked 20% late Thursday after the toy maker reported a surprise loss and plunging sales for the third quarter, blaming it on Toys “R” Us bankruptcy, tighter retailer inventories, and “challenges” with its underperforming brands. Sales worldwide were down 13%, including a 22% decline in North American sales. The company also announced a cost-cutting plan and suspended dividend. Mattel said it lost $603 million, or $1.75 a share, in the quarter, versus a profit of $236 million, or 68 cents a share, in the year-ago period. Sales fell to $1.56 billion from $1.79 billion a year ago. Analysts polled by FactSet had expected earnings of 57 cents a share on sales of $1.8 billion. Among Mattel brands, sales of American Girl products fell 30%, while Fisher-Price sales fell 15%.



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