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Mattel reports lower results for Q4-2015 and FY-2014; CEO Stockton takes the fall, quits

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BENGALURU:  Mattel, Inc (Mattel) reported a 6 per cent drop in worldwide sales from Q4-2014 (quarter ended 31 December 2014, current quarter) to US$ 1994 million from US$ 2113.2 million in Q4-2014. Worldwide sales for FY-2014 (year ended 31 December 2014) fell 7.3 per cent to US$ 6023.8 million from US$ 6484.9 million in FY-2013.

For the quarter, the company reported net income of US$ 149.9 million, or US$ 0.44 per share, which includes a negative impact of US$ 0.05 per share from MEGA Brands integration costs and a negative tax impact of US$ 0.03 per share, compared to last year’s fourth quarter net income of US$ 369.2 million, or US$ 1.07 per share. For the year, the Company reported net income of US$ 498.9 million, or US$ 1.45 per share, which includes a negative impact of US$ 0.16 per share from MEGA Brands acquisition and integration costs 3 and a tax benefit of US$ 0.13 per share, compared to last year’s net income of US$ 903.9 million, or US$ 2.58 per share, which included a tax benefit of US$0.09.

Bryan Stockton resigned from his position as chairman and CEO, as well as from the board of directors of Mattel on 26 January 2015. The company announced Christopher Sinclair’s appointment as Mattel chairman and Interim CEO on the same day.

“We are disappointed with our results but moving forward with a heightened sense of urgency to make the necessary changes to enhance our brand relevance and improve our execution,” said Sinclair. “Over the next few months, I will be focused on working with the management team to thoroughly evaluate the business in order to identify how we can improve our top-line performance and drive profitability. I am confident in our ability to revitalize our brands and our business and fully committed to delivering greater value for shareholders.”

Sales by Brand

Mattel Girls and Boys Brands

For the fourth quarter, worldwide gross sales for Mattel Girls & Boys Brands were US$ 1.23 billion, down 9 percent versus the prior year. Worldwide gross sales for the Barbie brand were down 12 per cent. Worldwide gross sales for Other Girls brands were down 3 per cent. Worldwide gross sales for the Wheels category, which includes the Hot Wheels and Matchbox brands, were up 2 per cent. Worldwide gross sales for the Entertainment business, which includes Radica and Games, were down 21 per cent.

For the year, worldwide gross sales for Mattel Girls & Boys Brands were US$ 3.90 billion, down 10 percent versus the prior year. Worldwide gross sales for the Barbie brand were down 16 per cent. Worldwide gross sales for Other Girls brands were down 2 per cent. Worldwide gross sales for the Wheels category, which includes the Hot Wheels and Matchbox brands, were up 1 percent. Worldwide gross sales for the Entertainment business, which includes Radica and Games, were down 20 per cent.

Fisher-Price Brands

Fourth quarter worldwide gross sales for Fisher-Price Brands, which includes the Fisher-Price Core, Fisher-Price Friends and Power Wheels  brands, were US$ 578.9 million, down 11 percent versus the prior year. For the year, worldwide gross sales for Fisher-Price Brands were US$ 1.84 billion, down 13 per cent versus the prior year.

American Girl Brands

Fourth quarter gross sales for American Girl Brands, which offers American Girl-branded products directly to consumers, were US$ 318.3 million, down 4 percent versus the prior year. For the year, gross sales for American Girl Brands were US$ 620.7 million, down 2 percent versus the prior year.

Construction and Arts & Crafts Brands

Construction and Arts & Crafts Brands

Fourth quarter gross sales for Construction and Arts & Crafts Brands, which includes the MEGA BLOKS and RoseArt brands, were US$ 130.0 million. For the year, gross sales for Construction and Arts & Crafts Brands were US$ 315.0 million. Mattel acquired MEGA Brands Inc. on 30 April 2014.

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