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.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. 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 Morningstar Inc.
A basic income policy can actually ensure a decent standard of living for everyone.
- People left $500,000 in coins at airports last year
- How your driving can affect your credit
- Obamacare projected to cost hundreds of billions less
- November jobs report: Winners and losers
- Student loan debt climbs for 5th year in a row
- Wall Street finally notices Bitcoin
- Part-time workers hurt by on-call system
- 5 myths about late payments and your FICO scores
- Auto loan interest rates hit record low
[BRIEFING.COM] A solid November employment report translated into a solid day of gains for the major averages. While there was some talk that the encouraging job growth raised the odds of the Fed announcing a tapering at its December meeting, the message of the markets today was either that it didn't believe there would be a tapering this month or that it doesn't fear a tapering this month.
It was just one day, yet there was ample meaning wrapped up in the connection that the 10-yr ... More
More Market News
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.