Toy industry giant Mattel is laying off employees, including 93 workers at the company’s El Segundo headquarters.
Barney, the friendly purple dinosaur, helped launch the careers of singers Demi Lovato and Selena Gomez.In an earnings call with analysts earlier this month, Mattel Chief Executive Ynon Kreiz noted that the company’s fourth-quarter results were below expectations and hinted at future head winds. During the all-important holiday-season quarter, which ended Dec. 31,net income of $16 million, down 93% from the year-earlier period, and sales of $1.4 billion, down 22% from the year-earlier period.
For North America, the company saw declines in the fourth quarter in the infant, toddler and preschool segments, including Fisher Price, as well as dolls, action figures, building sets and games. The vehicles segment, which includes Hot Wheels, was a bright spot. “As we look ahead to 2023, we continue to foresee a period of volatility and macroeconomic challenges impacting consumer demand,” Kreiz told investors and analysts.in a new animated series and merchandise. A Mattel executive said in a statement at the time that the company hoped to tap into the nostalgia surrounding the purple dinosaur, who graced TV screens from the ‘90s until the show went off the air in 2010.
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