Shares of Mattel Inc. headed more than 4% lower in the extended session Thursday after the toy maker swung to a quarterly profit that was above Wall Street expectations but saw sales of its American Girl business drop nearly 20%. Mattel
MAT,
+2.81%
said it earned $66 million, or 18 cents a share, in the second quarter, contrasting with a loss of $5.5 million, or 2 cents a share, in the year-ago period.
Sales rose 20% to $1.2 billion, but sales in Mattel’s American Girl segment fell 19%. Mattel is “benefiting from strong retail partnerships and looks forward to meeting the projected increase in consumer demand for our product, as we enter the second half of the year and the all-important holiday season,” Chief Executive Ynon Kreiz said. The company kept its guidance for the year but added caveats. The guidance for 2022 takes into account “anticipated supply-chain disruption that the company is aware of today but remains subject to any unexpected supply-chain disruption, fluctuations in foreign exchange rates, inflation, changes in global economic conditions and consumer spending, labor market fluctuations, and other macro-economic risks and uncertainties,” the toy maker said. Mattel guided for sales …