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Mattel’s CFO talked too much and Wall Street didn’t forgive him

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Mattel’s CFO talked too much and Wall Street didn’t forgive him

“There are problems in the land of toys” is the title that the Financial Times chose to describe the situation with Mattel’s shares this Friday: it lost up to 19 percent, hours before the start of the Annual New Toy Uruguay Phone Number List Fair. York. The crash occurred exactly one week after the owner of brands such as Barbie and Hot Wheels released good annual results in 2018, lifting the shares by more than 23 percent. However, the company’s chief financial officer, Joe Euteneuer , said Friday that while the company expected “continued growth in Barbie and Hot Wheels” this year, it will not be “to the same extent as 2018 levels.”

Those words were enough, in a meeting prior to the NY fair, for Mattel’s boards on Wall Street to become a downward slide that was only stopped with the closing of operations. In a few hours he lost more than 1,000 million of capitalization, wasting practically everything he had earned seven days before. Euteneuer’s story reignited investors’ doubts about how Mattel, and its rival Hasbro, will tackle the problem of shifting consumer tastes and the damaging effect of the failure of retailer Toys “R” Us.

The stock had risen 23 percent last week after it showed that it had made higher-than-expected 2018 profits from sales of its Barbie dolls and Hot Wheels toy cars. Euteneuer now said that Mattel expects gross sales to stay the same in 2019 as in 2018. Analysts had forecast revenue to rise 3 percent, based on an average of estimates compiled by Bloomberg. “After several years of consecutive decline, achieving flat sales is a significant Phone Number List improvement,” Euteneuer tried to explain. But the damage was done. About the end of the exhibition, he argued: “Parents will always worry about the development of their children, and children will always want to play.” Among the causes of lower growth than forecasted by experts, Mattel said it expects labor costs to rise at manufacturing plants and to be under pressure from rising resin, zinc and packaging costs , which will reduce profit margins. For the company, the biggest problems will occur in the first quarter due to a combination of factors: strong dollar, the bankruptcy of Toys “R” Us and the sharp decline in its business in China.

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