LONDON (MarketWatch) -- Toy maker Mattel Inc. (MAT:Mattel,...

LONDON (MarketWatch) -- Toy maker Mattel Inc. (MAT:Mattel, Inc
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Last: 21.78+0.80+3.81%

4:03pm 04/18/2008

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MAT 21.78, +0.80, +3.8%) swung to a first-quarter net loss of $46.6 million, or 13 cents a share, Last year, the firm reported a profit of $12 million, or 3 cents a share. Analysts had been expecting flat earnings per share, according to data compiled by FactSet. Sales fell 2% to $919.3 million, after flat sales for the Barbie brand and a drop in Fisher-Price brand sales. "Results were not completely surprising compared to last year's strong first quarter, which benefited from depleted retail inventories and hot properties such as T.M.X. Elmo," said Robert Eckert, chairman and chief executive officer. Price increases effective in June are expected to aid profitability in the latter half of the year, the firm said.