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Sales Cool For Mattel's Hot Wheels And Barbie
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LINDA WERTHEIMER, Host:
NPR's business news starts with Hot Wheels sales cooling down.
The thinking was that the toy industry was immune to recession, that no matter how tough things got, parents would buy toys for the kids. That was the thinking before the Grinch arrived. The giant toymaker Mattel has reported a sharp drop in sales and earnings for the final quarter of 2008. Sales of the company's iconic Hot Wheels racecars slowed more than 20 percent, despite the $.99 price tag. Barbie sales took a similar plunge. Mattel's only brand that increased sales was the upscale line of American Girl dolls. The company's CEO said his focus this year will be on cost cutting. Mattel already announced plans to lay off a thousand people. Transcript provided by NPR, Copyright NPR.
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