Mattel Inc reported a bigger-than-expected quarterly loss due to weak sales of its toys such as Barbie, Monster High and American Girl that are aimed at young girls, and the loss of a lucrative Disney license. The company shares fell 6.2 percent to $31 in after-market trading on Wednesday.
Sales of the company's flagship Barbie dolls slipped again, declining 3.4 percent in the quarter, highlighting the company's challenges in boosting sales as young girls switch to interactive electronic toys and tablets.
The 57-year-old doll brand's sales had risen 1 percent in the fourth quarter, reversing two years of declines.
Sales in its other girls category fell about 62 percent in the first quarter ended March, hurt by weak sales of the struggling Monster High fashion dolls and loss of the Disney license. The company's net loss widened to $73 million, or 21 cents per share, in the first three months of 2016 from $58.2 million, or 17 cents per share, a year earlier.
On an adjusted basis, Mattel reported a loss of 13 cents per share. Analysts on average had expected a loss of 7 cents, according to Thomson Reuters I/B/E/S.
Net sales fell 5.8 percent to $869.4 million, but topped the average analyst estimate of $861.1 million.
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