Mattel 2nd-Q Profit Up; Cost Cuts Offset Weak Sales

Mattel reported an 82% jump in 2nd-Q earnings as cost cutting offset worse-than-expected sales reflecting consumers' spending cuts & retaile' efforts to curb their inventories. Chair & CEO Rob Eckert said results met expectations amid the recession & lack of toys tied to summer movies & TV shows. He said retailer de-stocking & negative effects of foreign-currency exchange will continue to pressure Mattel's sales in the balance of the year. "Retailers are still very cautious on their inventory positions as are we," he said. The world's largest toy maker reported a profit of $21.5 M, or 6