EL SEGUNDO, Calif. – Shares of Mattel dropped more than 12 percent Friday after the world’s largest toy maker said sales of key toys like Barbie and Fisher-Price preschool items dropped in its fourth quarter.
Fisher-Price sales declined 13 percent for the quarter and were down 6 percent for the year.
“We are obviously not pleased with the results from the fourth quarter,” said Geoff Walker, executive vice president of Fisher-Price Global Brands in East Aurora.
Though the company’s performance in the U.S. market was soft, Walker said, Fisher-Price saw growth in international markets, which it considers its greatest opportunity for future success.
“In 2014, we’ll be sharpening our marketing efforts across the board and remain laser-focused on product innovation that ultimately drives consumer pick-up,” Walker said.