Turnaround presses on at Mattel as company attempts to restore competitive edge and profit growth.
Narrow-moat Mattel warned investors in December that key retail partners were tightening inventory and Toy Box brands were struggling, leading to full-year gross sales that were set to fall at a mid-single-digit pace (our prior model called for a 7% decline.) Moreover, last week NPD noted that 2017 toy industry sales had increased only 1% for the full year, versus up 3% through October, ringing warning signs that sales had continued to struggle as the holiday season (which generally represents 3...
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