Mattel cuts forecast for yearly profit in wake of Toys 'R' Us restructuring
Article Abstract:
Mattel Inc., hit by another restructuring at its largest retail customer, revised its year-end earnings forecast downward to between $1.80 and $1.85 a share from its previous estimates of $1.95 a share. The move came after Mattel executives and representatives from other toy companies met yesterday with Toys "R" Us Inc. managment. At the meeting, Toys "R" Us detailed how inventory cutbacks and store closings announced last week would affect manufacturers. Mattel said as a result of the inventory cutbacks, its sales to the retailer could be as much as $200 million less this year than last year's $850 million. The cutbacks mean Mattel's third quarter earnings per share will total about 75 cents, compared with a First Call estimate of about 80 cents, Mattel said. The results should be up from earnings of 73 cents a share last year.
Comment:
Revised its year-end earnings forecast downward to between $1.80 and $1.85 a share from its previous estimates of $1.95 a share
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Mattel's Barbie gains new friend, Rockett, who's really serious; deal to acquire Purple Moon, software maker for girls, expands online strategy
Article Abstract:
Mattel Inc. is validating its commitment to becoming more than a traditional toy company one more time by purchasing California-based Purple Moon, primarily for its Rockett brand. Rockett Movado is a computer-game character with a CD-ROM and a Website popular with 8- to 14-year-old girls. Mattel did not disclose the purchase price for the software firm that closed down in February.
Comment:
Girls' game software firm to be acquired by Mattel
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
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Mattel to cut 3,000 jobs as it posts loss; toy maker plans Web site, second-quarter charge; moves lift stock 8.9%
Article Abstract:
Mattel Inc. announced it will cut even more jobs, this time 3,000. The toy maker was shaken when Toys 'R' Us cut its order by about $250 million last year, and Mattel is still responding. Its aquisition and absorption of Learning Co. is just ahead. Restructuring is ongoing and will continue. Plans for a new online store include spending about $50 million to launch it.
Comment:
Toy company keeps responding to a changing industry and marketplace, with layoffs, for one
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
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