by William White | July 17, 2013 12:51 pm
Mattel (MAT) announced Wednesday, that Barbie sales are seeing a decline due to the popularity of the company’s other doll brands.
The company’s other doll lines like Monster High, Disney Princesses and American Girl are giving Barbie a run for her money. Barbie sales were down 12% last quarter, but other girls dolls made by Mattel saw a 23% increase in sales. Continued popularity of the Monster High dolls are most of the reason for the increase, but the American Girls line contributed with a 14% increase in sales last quarter, reports the Associate Press.
Mattel’s net income dropped to $73.3 million during its second-quarter as compared to $96.2 million of net income last year, reports the Associated Press.
“While we delivered another quarter of sales growth and strong gross margins, lower profits in the second quarter reflect an asset impairment charge and strategic investments made to support consistent future growth,” Bryan Stockton, Mattel’s Chairman and Chief Executive, told The Wall Street Journal.
Rival toy maker Hasbro (HAS) plans to reveal its second-quarter earnings on July 22, reports the Associated Press.
MAT shares were down 7% as of midday Wednesday.
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