Barbie falling flat for Mattel

 
City A.M. Reporter
MATTEL’S quarterly results offered further proof of the fading appeal of the iconic Barbie doll, as newer brands including the teen monsters of the company’s own Monster High line gained market share.

Mattel shares fell 6.8 per cent after the world’s biggest toymaker reported a much weaker-than-expected second-quarter profit. Shares of smaller rival Hasbro fell three per cent.

Sales of Barbie fell 12 per cent in the second quarter, their fourth straight quarterly decline. Sales of its Other Girls line, which includes Monster High, rose 23 per cent.

The company’s second-quarter net income fell to $73.3m, or 21 cents per share, from $96.2m, or 28 cents per share, a year earlier.