Mattel misses by $0.88, misses on revs (15.32 -0.52)
- Reports Q4 (Dec) loss of $0.72 per share, excluding non-recurring items, $0.88 worse than the Capital IQ Consensus of $0.16; revenues fell 12.2% year/year to $1.61 bln vs the $1.69 bln Capital IQ Consensus.
- For the fourth quarter, net sales in the North American Region decreased by 17% as reported and in constant currency, versus the prior year's fourth quarter; gross sales in the North American Region decreased by 16% as reported and in constant currency, primarily driven by tighter retailer inventory management, certain underperforming brands, and Toys "R" Us bankruptcy filing.
- In the International Region, net sales decreased by 4% as reported, and decreased by 9% in constant currency; gross sales in the International Region increased 4% as reported, and decreased by 1% in constant currency. The decline in reported and adjusted gross margin for the quarter was driven mainly by inventory management efforts, unfavorable product mix, and higher freight and logistics expenses.