Mattel suffers a $210.7-million loss in the 1st quarter of 2020 as coronavirus shutdowns hurt toy sales.
and Thomas & Friends, suffered a $210.7-million loss in the 3-month period when revenues fell 13.8% to $594.1 million.in the wake of the coronavirus and the uncertain timing on an economic rebound.
The company said its manufacturing and distribution capacity had been"largely restored," including in toy-producing center China, where some activity had been frozen earlier in the year during that country's coronavirus outbreak. Sales of Hot Wheels toys rose 1%, but all other major products fell. This included dolls, which is home to Barbie and American Girl, where sales fell 11%.Despite weakness expected to continue into the 2nd quarter,"we are planning for increased demand for our products in expectation of a much-improved 2nd half and holiday season," said chief executive Ynon Kreiz.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
#ByeTaba: How did Raymond Gutierrez successfully lose 65 lbs?Check out the weight loss transformation of celebrity host Raymond Gutierrez HERE:
Read more »
Duterte apologizes to Ayalas, MVP: Forgive me for the 'hurting words'Saying he has been 'humbled' by the toll of the coronavirus outbreak, President Rodrigo Duterte on Monday, May 4, delivered a rare apology for lashing out at business tycoons in the past.
Read more »
Drilon proposes sale of military camps in Metro Manila for COVID-19 fund
Read more »
Russia’s virus cases rise by over 10,000 for third dayRussia cemented its place as the European country reporting the highest number of new coronavirus infections Tuesday as its total cases soared passed 155,000.
Read more »