There’s an old saying that you should never try to fix a wheel that isn’t broken. The folks at Mattel have apparently never heard that because they messed with a winning formula. It turns out not many little girls are crazy about the new Barbies.
The New York Post reports:
Barbie sales are bombing despite new body types
Barbie still isn’t pulling her weight at Mattel.
Shares of the toymaking giant dropped nearly 10 percent in early Friday trades after it posted disappointing quarterly sales and profits, partly blaming weak demand for its iconic Barbie dolls.
Barbie sales tumbled 5 percent during the quarter, marking Barbie’s third consecutive decline despite last year’s launch of three new Barbie body types — petite, tall and curvy — which briefly goosed sales. Barbie is also increasingly available in a range of skin colors in a bid to make Barbie more attractive to kids worldwide.
Mattel blamed shriveling licensing fees for the drop, while also reporting weak demand for its American Girl, Monster High, Mega Bloks and Thomas & Friends toys in North America. Fisher-Price sales dropped 3 percent. That weighed down Mattel’s results, as well as disappointing demand for toys based on the new “Cars 3” movie.
Shares of Mattel fell about 9.2 percent to $19.35 in early Friday trades.
Why did they try to reinvent a winner?