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Mattel’s profit plunges 53 percent

Associated Press

  April 17, 2012

Mattel Inc. said Monday that its first-quarter profit dropped 53 percent, pulled down by costs tied to an acquisition and lower sales for Barbie and Hot Wheels. Results for the largest U.S. toy maker were below expectations and its shares fell more than 7 percent in trading. But the disappointing results came during what is typically a slow time for toy sales, so Mattel executives say they remain optimistic.

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