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News > Companies
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Mattel 4Q higher
graphic January 31, 2002: 6:59 a.m. ET

But toymaker falls shy of profit estimates, citing Kmart bankruptcy.
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NEW YORK (CNN/Money) - Mattel Inc. reported a higher fourth-quarter profit Thursday, yet fell shy of Wall Street expectations, as the world's biggest toymaker was hurt by its exposure to bankrupt retailer Kmart Corp.

The maker of Barbie dolls and Hot Wheels cars earned $146 million, or 33 cents a share, from continuing operations in the quarter, up from $120.6 million, or 28 cents a share, a year earlier. Analysts on average anticipated a profit of 34 cents a share, according to earnings tracker First Call.

The El Segundo, Calif.-based company cited strength in its Hot Wheels line of cars and in Harry Potter products, more than offsetting a 2 percent decrease in sales of Barbie in the quarter.

The results include a $22.1 million writedown of bad debt expense on receivables owed by Kmart, which filed for bankruptcy last week.

Fourth quarter sales were little changed at $1.6 billion.

Mattel's (MAT: Research, Estimates) stock added 60 cents to $18.65 Wednesday. graphic




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