玩具制造商Mattel假日销售业绩低迷，股价暴跌28%

Core Viewpoint - Mattel's anticipated holiday sales surge did not materialize, leading to a significant drop in stock price and a lower-than-expected profit forecast for 2026 [1][7]. Sales Performance - In the critical weeks leading up to Christmas, sales fell short of expectations, prompting the company to increase discounting, which compressed profit margins [1][7]. - Fourth-quarter sales grew by 7% to $1.77 billion, but this was below Wall Street's forecast of $1.84 billion [2][8]. - The company reported a profit of $106.2 million, or $0.34 per share, down from $140.9 million, or $0.42 per share, in the same period last year [10]. Market Dynamics - Consumers focused on promotional items due to price sensitivity, while retailers adopted a cautious approach to inventory management [2][8]. - CEO Ynon Kreiz noted that December, typically the highest sales month, saw orders concentrated later in the quarter due to changes in retailer ordering patterns [2][8]. Competitive Landscape - Mattel's performance contrasts sharply with competitor Hasbro, which reported that consumers were willing to pay higher prices during the holiday season, allowing it to pass on tariff costs without significantly affecting demand [2][8]. Future Outlook - Mattel plans to invest approximately $110 million in 2026 to enhance capabilities in digital gaming, artificial intelligence, direct-to-consumer business, and toy innovation [10]. - The company aims to launch two movies in 2026 and expand its mobile gaming business following the acquisition of a joint venture with NetEase [10]. - Mattel's adjusted earnings per share forecast for the year is between $1.18 and $1.30, below analyst expectations of $1.77 [10]. Brand Performance - Among core brands, Barbie sales increased by 2%, Fisher-Price toys grew by 1%, and Hot Wheels surged by 20% [11].