Barbie turned 55 this year, and so far it hasn't been a happy anniversary.
Overall, the results pulled down Mattel's worldwide net sales by 9% to $1.06 billion. The nation's largest toymaker also reported net income of $28.3 million, or $0.08 per share (including tax benefits and acquisition costs). That's down over 60% from the same quarter last year.
Mattel has recently tried to diversify away from Barbie and compete with the world’s largest toymaker, Lego. In February, Mattel bought the company behind Mega Bloks for $460 million, including debt.
But the purchase can't yet make up for Barbie's seeming inability to connect to the girls of today. American Girl dolls were Mattel's sole bright spot this quarter, as sales rose 6%, boosted by a line based on the Disney movie Frozen.
"While results for the quarter did not meet our expectations, we did see improving POS trends," Mattel CEO Bryan Stockton said in a statement. "As we move into the second half of the year and the all-important holiday season, we need to drive POS higher by bringing innovative products to market, making additional advertising investments and optimizing the effectiveness of our marketing spend."
After reaching all-time highs in 2013, Mattel shares are down nearly 24% year to date.
