Mattel to hike prices on Barbie, Hot Wheels, other – Business News
Mattel Inc., the maker of Barbie dolls, Hot Wheels vehicles and other widespread toys, stated Monday that it might have to raise prices for some merchandise offered within the US “where necessary” to offset increased prices associated to President Trump’s tariffs.
The El Segundo, California-based company stated the will increase are obligatory regardless that it’s dashing up its plans to diversify its manufacturing base away from China. Trump imposed a 145% tariff on most Chinese-made merchandise.
Mattel additionally withdrew its annual earnings forecast, citing the continuing uncertainty surrounding the president’s commerce insurance policies. The company stated it might be “difficult to predict” client spending and the company’s US gross sales for the rest of the 12 months with out more info.
Mattel stated will increase are obligatory regardless that it’s dashing up its plans to diversify its manufacturing base away from China. eighth – stock.adobe.com
The company reported larger-than anticipated first-quarter gross sales but in addition a wider loss. Mattel stated gross sales rose 2% to $827 million for the quarter that ended March 31.
The company’s loss expanded to $40.3 million, or 12 cents per share, within the quarter. That compares with a loss of $28.3 million, or 8 cents per share, within the year-ago period.
Analysts anticipated a loss of 10 cents on gross sales of $786.1 million for the primary quarter, in accordance to FactSet.
Mattel reported larger-than anticipated first-quarter gross sales but in addition a wider loss. Sales rose 2% to $827 million. REUTERS
Mattel’s shares had been down almost 3% in after markets trading.
