Mattel Profits and Sales Miss Analysts’ Estimates
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Mattel Inc. reported third-quarter profit and sales that missed analysts’ estimates after the recall of 21 million Chinese-made products in the past two months. The recalls of Barbie kitchen sets with excessive amounts of lead paint and Polly Pocket dolls with magnets that might be swallowed by children cost Mattel $31 million after taxes. The toymaker apologized to China in September, taking the blame for faulty designs, and stepped up inspections as it entered the holiday selling season.