Mattel Shares Up After Toy Maker Narrows Quarterly Loss
Toy Maker Mattel Inc. on Thursday reported a first-quarter loss of 8 cents a share, narrower than Wall Street expected and versus earnings of 3 cents a share a year ago. Net sales on the quarter hit $922 million, down from $946 million a year ago. "In the first quarter, we took a number of steps to implement a rapid turnaround at Mattel," Chief Executive Christopher Sinclair said. "We are already benefitting from better decision-making, alignment and enhanced accountability." Mattel's adjusted operating loss for the quarter was $14.6 million, compared with $27.7 million a year ago. Analysts polled by FactSet had expected Mattel to report a loss of 9 cents a share in the quarter on sales of $900 million. Shares of Mattel rose 4% in after-hours Thursday.
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