Mattel Profit Drops 59%; CEO To 'evaluate' Business

Shares of Barbie-parent Mattel Inc. dropped 1.3% ahead of the bell on Friday after the company reported a 59% fall in net profit in the fourth quarter. The company earned $149.9 million, or 44 cents a share, down from $369.2 million, or $1.07 a share, in the year-ago period. Sales fell by 6% to $1.99 billion, with gross sales of Barbie down 12%. Interim chief executive Christopher Sinclair said "we are disappointed with our results" and that he'll be "focused on working with the management team to thoroughly evaluate the business in order to identify how we can improve our top-line performance and drive profitability."

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