EL SEGUNDO, Calif. – Slumping sales of Barbie did little to bring a happy holiday to her maker, Mattel Inc.
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Mattel's fourth-quarter earnings release Friday gave the first details on what contributed to a weak performance that led to the resignation of its chairman and CEO.
Barbie sales fell 12 percent, though that wasn't as bad as the third quarter's 21 percent drop. Fisher-Price sales fell 11 percent and American Girl 4 percent. Hot Wheels sales rose 5 percent.
Mattel's fourth-quarter performance fell far short of Wall Street's expectations when the toy maker provided preliminary results Monday, when it announced the departure of CEO Bryan Stockton.
Board member Christopher A. Sinclair was appointed chairman and interim CEO.