NEW YORK (AP) — Toymaker Mattel Inc. is warning that its holiday sales are being hurt by the struggles of some of its key brands and by retailers tightening their inventories.
The outlook, made in a regulatory filing Monday, comes two weeks before Christmas and marks the latest in a string of challenges for the nation’s largest toy retailer.
Mattel’s brands include Barbie, Hot Wheels and Fisher-Price. It says it expects its gross sales for the full year to decline in the at least mid-to-high single percentage range compared to last year.
The company based in El Segundo, California, has struggled with children’s increasing penchant toward technology.