(Source: Datamonitor)
Mattel, a company which is engaged in the design, manufacture and marketing of toys and family products, has reported a net income of $229.8 million, or $0.63 per share, for the third quarter of 2009, compared to $238.1 million, or $0.65 per share, for the third quarter of 2008.
For the third quarter of 2009, net sales were $1.79 billion, down 8%, compared to $1.95 billion for the corresponding period of the previous year.
On a regional basis, third quarter gross sales decreased 2% in the US and decreased 14% in international markets, including unfavorable changes in currency exchange rates of 5%.
Operating income for the third quarter of 2009 was $336.5 million, compared to prior-year operating income of $315.3 million.
Robert Eckert, chairman and CEO of Mattel, said: "As expected, revenues continue to be challenging this year due to the overall economic environment, retailers tightly managing inventory, foreign exchange rates and the lack of entertainment-inspired toy lines. That said, we are continuing to make strong progress on reducing costs, rebuilding margins and generating strong cash flow."
A service of YellowBrix, Inc.
