Weak sales of its impossibly proportioned Barbie doll and other core brands contributed to a 61% plunge in second quarter net income for toy maker Mattel Inc.
The El Segundo company said worldwide sales for its classic Barbie dropped 15%, its Fisher-Price Brands fell 17%, and Hot Wheels slid down 2%. Its American Girl Brands, however, were up 6%.
Bryan Stockton, Mattel's chief executive, acknowledged that the quarter did not meet expectations, but said the company had positioned itself well for the rest of the year.
"We completed the acquisition of the MEGA Brands, reduced inventories, strengthened our management team," Stockton said in a...