Mattel Inc., the largest U.S. toymaker, said Friday that cost-cutting, price increases that have stuck and low inventory helped its third-quarter profit fall just 3 percent despite a steeper drop in sales.
Investors applauded the company’s focus and sent shares up 5 percent, briefly touching a 52-week high.
The maker of Hot Wheels and American Girl dolls reported fiscal third-quarter profit slipped 3.5 percent to $229.8 million, or 63 cents per share, matching analyst expectations. The stronger dollar, which results in overseas sales translating back into fewer dollars hurt results by about 10 cents per share.
Sales fell 8 percent to $1.79 billion, as demand waned for Barbie and higher priced Fisher-Price toys such as PowerWheels.
Chief Executive Robert A. Eckert said Friday that revenue “continues to be challenging” because of the economy, stronger dollar and a lack of toys tied to hot movies and other entertainment.
Last year’s results were boosted by toys tied to movies including “Kung Fu Panda,” “Speed Racer” and “The Dark Knight.”
In order to offset the weak environment, Mattel has raised prices and cut inventory and cut costs.
Mattel increased prices earlier in the year to offset higher commodity costs. While prices for raw materials such as oil have improved, the price increases have been kept.
Inventory is down 19 percent from a year ago. But Eckert said the company would have enough toys to cover any surge in demand this holiday season. Hard money training
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