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Early this morning, Mattel (NYSE: MAT) announced that its quarterly loss totaled $51 million, or 14 cents per share. This loss met the Street's expectations, but it was also a penny wider than the same quarter a year ago. The toy giant blamed the larger-than-anticipated loss on a stronger dollar and inventory cuts at retailers. Quarterly sales dropped 15% to $785.6 million in the quarter, including a 7% hit from the stronger dollar, reducing overseas sales values.

Mattel's CEO Robert Eckert stated that the company will keep controlling costs as "tough market conditions test the resilience of toy companies," which rely on parents to boost sales. Unfortunately for Mattel, parents have been cutting back on toy purchases in the current market environment, forcing retailers to cut inventories in an effort to curb excess merchandise. The article cites a report from market research group NPD Group that showed total retail toy sales dropped 3% in 2008.

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Mattel's quarterly loss grows originally appeared on BloggingStocks on Fri, 17 Apr 2009 08:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>disappointing quarterDisappointingQuarterearings reportsEaringsReportsearningsinthenewsmatmattelquarterly salesQuarterlySalestoy salesToySalesFri, 17 Apr 2009 08:10:00 EST<![CDATA[Jones Apparel earnings disappoint]]>http://www.bloggingstocks.com/2007/08/01/jones-apparel-earnings-dissapoints-investors/http://www.bloggingstocks.com/2007/08/01/jones-apparel-earnings-dissapoints-investors/http://www.bloggingstocks.com/2007/08/01/jones-apparel-earnings-dissapoints-investors/#commentsFiled under: , , , , , ,

It has been a tough start of the day for Jones Apparel Group (NYSE: JNY) after reporting an unexpected second quarter loss this morning. The stock fell sharply this morning, setting a new 52-week low.

Analysts had expected a profit of $0.31 per share, and were stunned by the loss of $0.44 per share. Excluding some special items, the company earned $0.17 per share, marking the second straight quarter that the company has failed to meet estimates.

The company blamed its poor performance on a tough retail market, which led to weak same stores sales. The troubles that the retail market created forced Jones to slash many of its prices just to get some of its excess inventory out the door.

Also making news this morning was the company's decision to sell its subsidiary Barneys New York Inc. The company has accepted a $900 million offer from Fast Retailing. Jones bought Barneys New York, a chain of upscale department stores, for $400 million.

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Jones Apparel earnings disappoint originally appeared on BloggingStocks on Wed, 01 Aug 2007 10:54:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>apparelbarneysBarneys New YorBarneysNewYordisappointing quarterDisappointingQuarterfashioninthenewsjnyjones new yorkJonesNewYorknine westNineWestretailWed, 01 Aug 2007 10:54:00 EST