Toymakers report a depressing holiday season
Barbie and Hot Wheels saw sales declines in the fourth quarter. Mattel and Hasbro face a tough road ahead.
Mattel reported that sales of Barbie-branded products, a big money maker, fell 4% in the quarter. The Wheels business, which include Hot Wheels, Matchbox and Tyco, reported a 1% decline in sales. CEO Brian Stockton said in the earnings release that the results were particularly gratifying given the current economic climate. For a full breakdown of the numbers, click here.
Hasbro, home of Monopoly and Nerf, plans to cut about 10% of its 5,500-person workforce and consolidate facilities to reduce costs. As the Associated Press reported, CEO Brian Goldner expects to deliver $100 million in annual cost savings by 2015.
Retailers such as Wal-Mart (WMT) and Toys "R" Us enhanced their layaway services during the holidays to encourage people to buy more toys, but as the AP noted, that may have led to some items being scarce later on.
The industry has a tough road ahead. Consumer confidence dropped to its lowest level in January in more than a year. The bright side to this is that parents searching for the perfect birthday present over the next few months will probably find plenty of deals.
--Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter @jdberr
More on moneyNOW
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
Economists find that as women grow more self-reliant, marriages become more about wanting commitment than needing it.
- Obamaphone program: Dialing for fraud?
- Lone Signal lets you tweet aliens for a fee
- Russell Brand swings at 'Morning Joe' -- and scores
- 7-Eleven targeted in human smuggling raid
- Why 'Dumb Ways to Die' became a viral hit
- Red Robin ad doesn't go down well with vegetarians
- Pity the millionaire: Mansions in short supply
- Bloomberg's new crusade: Food scraps
- China eyes stockings that shoo away perverts
[BRIEFING.COM] The major averages ended higher across the board as the S&P 500 advanced 0.8%.
Equities climbed steadily since the opening bell as investors prepared for tomorrow's policy decision from the Federal Reserve. Although chatter in recent weeks has included speculation the Fed would look to taper its asset purchases, today's broad gains suggest investors expect mostly reassuring words from Chairman Bernanke at tomorrow's press conference.
All ten sectors ended with ... More
More Market News
Here's a list of ways to profit from the potential move from defensive to cyclical stocks.