New York – Barbie Dolls, Hot Wheels cars and other popular toy maker Matell Inc. Monday said that President Donald Trump had to raise prices for some products sold in “where” in the United States to offset the higher expenses related to the tariff.
El Segundo, a California -based company, says that these growths are necessary by speeding the plans to diversify its production base away from China. Trump imposed a 145% tariff on most Chinese -made products.
Company officials told analysts at a conference that China is currently 40% of Matell’s global production. The company plans to remove about 500 products from Chinese makers this year to other countries’ sources compared to 20 products last year.
For some ambition after toys, Matell said it would listen to factories in multiple countries. To prevent the potential deficit, the company has said that it is focusing on getting goods in stores without any obstacles.
The company says that even as the price goes up, it expects 40% to 50% toy toys will spend $ 20 or less for customers.
CEO and Chairman Yonon Craise told analysts, “The diverse and flexible supply chain in global commercial companies is the clear advantage of Matel at this time of uncertainty.”
Referring to the ongoing uncertainty surrounding the President’s trade policies, Matel withdrew its annual income forecast on Monday. The company has said that the company’s US sales for the rest of the year without consumers’ expenditure and more information would be “difficult to predict”.
Matele has reported more than first-fourth sales than expected, but also did more widespread damage. Matele said that sales increased by 2% for the end of March 5 at $ 827 million.
The loss of the company in the quarter has extended $ 40.3 million or 12 cents per share. It compares $ 28.3 million or with a loss of $ 8 cents per share during the year pre-year.
According to Factset, analysts expected the $ 786.1 million dollar sales of 10 cents for the first trimester.
Matel’s shares were less than 1% after the market business.
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