Shares of Mattel (MAT) closed down 9% Monday to $31.01 as the toy maker reported lower profit and sales.

With the holiday rush a distant memory, the first quarter is typically a slow time for toy companies. But this first quarter was particularly bad as  global sales of Barbie products fell by 6%. It was the first sales decline for Barbie in 10 quarters, Bloomberg reported.

Overall, sales for the quarter were down 3% to $928.4 million -- less than the $984.7 million analysts were expecting. And profit was only $7.8 million, or 2 cents a share, far less than the 7 cents analysts wanted to see.

North America was a big disappointment, with revenue down by 9%. Another area of concern was the Wheels segment, including Hot Wheels toy cars, which saw a 6% global decline. The Fisher Price division was flat.

Retailers are being more cautious in this uncertain economy, and Mattel said it was surprised at the level of inventory reductions in stores. "We expect them to remain being cautious," said CEO Bryan Stockton in a conference call with analysts.

The quarterly numbers were affected by Mattel's $680 million buy of HIT Entertainment, the company known for Bob the Builder and Thomas the Tank Engine.

But analysts weren't too concerned, Bloomberg reports. One reason is because the first quarter is the least important to the company's bottom line. Another reason is because last year's sales were inflated from "Cars 2" toys.

And investors might give Mattel a little latitude here. Even after Monday's big drop, the stock is still up 18% in the last year. Shares of rival Hasbro (HAS), meanwhile, have fallen by 19%.