The bad economy is really not playing around.
Toy maker Mattel Inc. said Monday that fourth-quarter profit fell 46 percent, hurt by the stronger dollar and the weakest holiday season in decades.
The maker of Barbie and Hot Wheels said quarterly profit fell to $176.4 million, or 49 cents per share, from $328.5 million, or 89 cents per share, a year earlier.
Revenue fell 11 percent to $1.94 billion from $2.19 billion, including a 6 percent decline in the U.S. and a 20 percent drop internationally.
The latest business news.
The famous toy company seemed to have a blue Christmas as Barbie sales dropped 21 percent and Hot Wheels slid 22 percent.
"Our business wasn't immune from the deteriorating economic environment of 2008," said Robert A. Eckert, Mattel chairman and chief executive, in a statement.
He said the El Segundo, Calif.-based company's focus in 2009 will be "cost and spending reductions."