EL SEGUNDO, Calif. (AP) — Barbie maker Mattel Inc. says better sales of its classic toys over the holidays and cost cutting helped its fourth-quarter profit rise 86 percent.
The No. 1 U.S. toy maker says sales of Barbie and Hot Wheels were particularly strong.
Mattel says it earned $328.4 million, or 89 cents per share. That compares with a profit of $176.4 million, or 49 per share, during the same period last year.
Sales climbed 1 percent to $1.96 billion.
Analysts expected the company to earn 68 cents on $1.98 billion.
The holidays are crucial to toy makers because they can make up to half of their annual sales during the quarter.
Mattel is based in El, Segundo, Calif.
