{ "story_id": "3289e513f5314e13bd936e7f304e2688", "desk": "bad-news-beat", "revision": 1, "published_at": "2026-11-12T01:55:10.598Z", "content_hash": "e04a1f6181ebd42475dbbff772004b589643d06e0bc6558b18684e09692f2178", "hash_basis": "sha256 over `headline\\ndek\\nprose`, plus `\\n` + the canonical citations JSON when any source is placed, plus `\\n#blog` for blogs", "basis": { "headline": "Mattel cuts its forecast before the holidays as Barbie falls short", "dek": "Demand weakened late in the quarter and slowed into the next. A tariff refund of $88 million flattered the margin. Hot Wheels is heading for a ninth record year.", "prose": "Mattel lowered its full-year financial forecast ahead of the holiday season.[^1] It now expects sales growth of 1% to 4% for 2026, at constant currency.[^2]\n\nThe cut came with a quarter that looked healthy on its face. The reason is in what happened at the end of it.\n\n## The quarter\n\nThird-quarter net sales were $1.8 billion, up 4% from a year earlier.[^3] Net income rose 27% to nearly $354 million.[^4]\n\nConsumer demand weakened late in the quarter and slowed into the fourth.[^5] The fourth quarter holds the holidays.\n\n## The margin\n\nA tariff refund of $88 million lifted the adjusted gross margin to 55%.[^6] That is a one-off payment, not a sale.\n\n## Two brands, two directions\n\nBarbie's performance is below the company's expectations.[^7] Hot Wheels is on track for its ninth consecutive record year.[^8] It is approaching $2 billion in gross billings.[^9]\n\n## New management\n\nIt was Roger Lynch's first earnings call as chairman and chief executive.[^10] Steve Totzke was appointed president and chief operating officer.[^11] Roberto Stanichi left the company to join Netflix.[^12]\n\n## What comes next\n\nMattel has repurchased $308 million of its shares so far this year.[^13] It will release guidance for 2027 in February.[^14]", "cited": "[{\"statement\":\"Mattel lowered its full-year financial forecast ahead of the holiday season.\",\"source\":\"retaildive.com\",\"instrument\":\"\",\"claim_key\":\"doc:page-html-232405:0\",\"url\":\"https://www.retaildive.com/news/mattel-cuts-forecast-holidays-barbie-problem/873960/\"},{\"statement\":\"Mattel expects 2026 constant currency sales growth of 1% to 4%.\",\"source\":\"marketbeat.com\",\"instrument\":\"\",\"claim_key\":\"doc:page-html-259681:7\",\"url\":\"https://www.marketbeat.com/instant-alerts/transcript-mattel-q3-earnings-call-highlights-2026-11-05/\"},{\"statement\":\"Mattel reported Q3 2026 net sales of $1.8 billion, up 4% year over year.\",\"source\":\"retaildive.com\",\"instrument\":\"\",\"claim_key\":\"doc:page-html-232405:2\",\"url\":\"https://www.retaildive.com/news/mattel-cuts-forecast-holidays-barbie-problem/873960/\"},{\"statement\":\"Mattel Q3 2026 net income increased 27% to nearly $354 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