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Mattel’s iconic Barbie doll joined the popular social-network site LinkedIn this year and even appeared in a Sports Illustrated campaign, but both marketing ploys weren’t enough to drive sales in the latest quarter.
The world’s largest toy maker posted a sharp 61% drop in second-quarter profit as Barbie posted another sales decline and demand also fell for the well-established Fisher-Price and Hot Wheels brands. Results badly missed Wall Street’s expectations for the quarter, hurt by sales weakness across almost all categories.
But the sales woes for Barbie, which have plagued Mattel MAT -0.71% the past few years, are especially problematic. Barbie’s global sales slumped 15% in the latest quarter.
Worldwide sales of Mattel’s preschool Fisher-Price brands slid 17%, while Hot Wheels sales dropped 2%. The pricier American Girl doll segment was the lone bright spot, with sales rising 6%.
For the rest of the story, go to Fortune.com.
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