Mattel, Inc. (MAT) reported fourth-quarter earnings per share of $0.50, compared to reported earnings per share of $0.63 in the prior year's fourth quarter; and adjusted earnings per share of $0.52, compared to adjusted earnings per share of $0.65 in the prior year's fourth quarter. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.71 for the quarter. Analysts' estimates typically exclude special items.
Fourth-quarter worldwide net sales were down 8% as reported, and down 6% in constant currency; worldwide gross sales down 5% as reported, and down 1% in constant currency. Excluding Disney Princess, worldwide gross sales flat as reported, and up mid-single digits in constant currency.
Christopher Sinclair, Chairman and CEO of Mattel, said "Our results were negatively impacted by a number of industry-wide challenges, including a significant U.S. toy category slowdown in the holiday period, and increased forex headwinds. And while our sales at retail remained strong, the slowdown triggered elevated retail promotional activity and decreased shipping, all of which had a significant impact on our gross margin."
The Board of Directors declared a 2017 first quarter cash dividend of $0.38 per share, which is flat compared to the first quarter of 2016. The dividend will be payable on March 3, 2017 to stockholders of record on February 16, 2017.
Full year 2016 reported earnings per share was $0.92, compared to reported earnings per share of $1.08 in the prior year; and adjusted earnings per share of $1.06, compared to adjusted earnings per share of $1.27 in the prior year. Worldwide net sales down 4% as reported, and down 2% in constant currency; worldwide gross sales down 3% as reported, and flat in constant currency. Excluding Disney Princess, worldwide gross sales up mid-single digits as reported, and up high-single digits in constant currency.
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