updated - September 20, 2020 Sunday EDT
Sales of Mattel fell for the fourth consecutive quarter as demand for its Fisher-Price and Barbie brands decline further, which is not a good time since the Christmas shopping season is coming up.
"Clearly we have work to do as we enter the fourth quarter," Mattel chief executive, Bryan Stockton stated.
Mattel revealed that its global sales fell more than 8 percent to $2 billion in the quarter.
Barbie sales have already been withering for almost three years now, while Mattel's other dolls like American Girl and Monster High have reportedly fell short to cover up Barbie's declining sales. Aside from that, Fisher-Price pre-school toys sales also went down 15 percent.
Mattel introduced Barbie back in 1959, but with the rapid change in technology nowadays, many girls are choosing electronic toys such as watches and tablets, and Walt Disney's "Frozen" dolls.
Back in 2009, Barbie conquered over 25 percent of the market share in the United States but dramatically slipped to 19.6 percent in 2013.
Moreover, Mattel was overthrown by Denmark-based toy manufacturer Lego Group this year, and no longer hold the title as the world's largest toy maker by sales.
The company also reported quarterly revenues lower than what they originally forecasted.
Furthermore, 2016 will mark the end of the 20-year relationship with the Disney Princesses with Mattel as the franchise switches to its rival toymaker, Hasbro.
Disney's Frozen was a big hit worldwide, bringing in over $1 billion in revenue, so much so that Mattel began putting its other big brands on the side-lines.
Mattel's flagship brand Barbie experienced a dropped down 15 percent in the most recent quarter, while Monster High Dolls fell 26 percent.
To counteract the loss, the company will reportedly boost its marketing strategies this holiday season in North America.
However, this holiday season's shoppers have not been interested in Mattel'
"Shelf space appears to be consolidating, specifically in categories where Mattel once held dominant share,"said Stephanie Wissnik, Piper Jaffray analyst.
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