Mattel posted a steeper-than-anticipated drop in first-quarter sales, as U.S. and some European retailers were left holding onto too much inventory after a muted holiday shopping season.
“As you can imagine, we view our first quarter results as disappointing and not reflective of what Mattel can deliver,” Mattel CEO Margo Georgiadis told Fortune in an interview. Georgiadis, CEO since February after steering search giant Google’s commercial operations in the U.S., said Mattel had addressed most of the inventory issues though the work to lessen the bloated inventory from the holiday season took longer than Mattel had anticipated.
April 22, 2017 at 12:14AM
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