Mattel, the world’s biggest toymaker, today reported reduced third-quarter earnings, reflecting an 8 percent retreat in worldwide net sales.
The company said in an earnings statement released at its headquarters in El Segundo that its third-quarter net income was $331.8 million, or 97 cents per share, compared to last year’s third quarter net income of $422.8 million, or $1.21 per share.
“While third quarter results did not meet our expectations, they do reflect progress toward achieving our goal to end the year with improved Point of Sale momentum and reduced inventory levels,” said Mattel Chairman and CEO Bryan G. Stockton. “Clearly we have work to do as we enter the fourth quarter, and we remain focused on executing during the all-important holiday season and beyond.”
Mattel said worldwide gross sales of several core brand were down in the third quarter: Barbie, 21 percent; Fisher-Price, 16 percent; and American Girl, 7 percent. But Hot Wheels was up 5 percent.
The company also announced today that its Board of Directors has declared a fourth quarter cash dividend of 38 cents per share on its common stock. It will be payable on Dec. 12, 2014, to stockholders of record on Nov. 26, 2014. The dividend is the final of four quarterly dividends Mattel will have paid this year, reflecting an annualized dividend of $1.52 per share, representing a 6 percent increase over last year’s total dividends.
