**Mattel Lowers Sales Forecast Ahead of Holiday Season Amid Weakening Demand for Toys** Toymaker Mattel Inc. has lowered its sales forecast for the crucial holiday season, citing weakening demand for its products. The company said that it now expects sales to decline by 2% to 3% in the fourth quarter, compared to its previous forecast of a 1% to 2% increase. The move comes as Mattel faces a number of challenges, including rising costs, supply chain disruptions, and competition from other toymakers. The company's announcement sent its shares tumbling in after-hours trading. Mattel's stock has been under pressure in recent months, as investors have grown concerned about the company's ability to compete in the increasingly competitive toy market. The company has also been hurt by the rising cost of raw materials, which has eaten into its profits. Mattel is not the only toymaker that is struggling. Hasbro Inc., the world's largest toymaker, has also reported weaker-than-expected sales in recent quarters. The toy industry has been hit hard by the COVID-19 pandemic, which has disrupted supply chains and led to store closures. The industry is also facing competition from video games and other forms of entertainment. Despite the challenges, Mattel remains a major player in the toy industry. The company owns a number of iconic brands, including Barbie, Hot Wheels, and Fisher-Price. Mattel is also investing in new products and experiences, such as its new line of Barbie dolls that are designed to reflect a more diverse range of body types and skin tones. The company's decision to lower its sales forecast is a sign of the challenges that it is facing. However, Mattel remains a strong company with a number of valuable brands. The company is also taking steps to address its challenges, such as investing in new products and experiences. It remains to be seen whether these efforts will be enough to help Mattel regain its footing in the toy market.
