Mattel (NASDAQ: MAT) was making good progress on its turnaround efforts until the pandemic set the company back. The maker of top toy brands, including Barbie and Fisher-Price, posted a double-digit sales decline last quarter, but the actions management has taken to position the company for long-term growth could make the stock worth considering.
After a multi-year streak of revenue declines, Mattel stabilized its revenue performance in 2019 as Hot Wheels achieved a record year, and Barbie reached its highest sales in the last six years. But that improvement was reversed by recent store closures during the pandemic, which caused revenue to fall 14% year over year in the first half of 2020 as retailers tightened inventory spending.
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Source Fool.com