UPDATE: Mattel Posts Downbeat Q4 Results

Mattel

reported downbeat fourth-quarter results. Mattel's quarterly profit declined to $369.2 million, or $1.07 per share, from a year-ago profit of $306.5 million, or $0.87 per share. Its net sales fell 6.3% to $2.11 billion, while North American sales slipped 10%. However, analysts were projecting a profit of $1.20 per share on sales of $2.37 billion. Mattel's gross margin rose to 54.5% from 54.3%, while Barbie sales declined 13%. Mattel shares closed at $43.01 yesterday.