Mattel Shares Up After Smaller-than-expected Quarterly Loss

Mattel Inc. on Thursday said it lost $11.4 million, or 3 cents a share, in the second quarter, compared with a gain of 8 cents a share a year ago. Sales reached $988 million, down from $1.06 billion a year ago. Adjusted for one-time items, Mattel reported earnings of 1 cent a share, compared with 5 cents a share a year ago. Analysts polled by FactSet had expected Mattel, the maker of Barbie, Fisher Price toys, and Hot Wheels, to report an adjusted loss of 4 cents a share on sales of $995 million. Worldwide gross sales for the Barbie brand were down 11% year-on-year, but year-to-date retail sales for the doll are up slightly, driven by strong performance in the U.S., the company said. Shares of Mattel rose 4% in after-hours trading after falling 1.7% in the regular session.