As Chinese factories come back online Mattel readies Baby Yoda toys for Christmas

The LEGO 1,023 piece The Razor Crest, and collectible figures, are displayed at Toy Fair New York, in the Javits Convention Center, Monday, Feb. 24, 2020. From Baby Yoda to eco-friendly stacking rings, toymakers displayed an array of goods that they hope will be on kids' wish lists for the holiday 2020 season. The four-day Toy Fair comes as the U.S. toy industry has been whipsawed by a number of obstacles. (AP Photo/Richard Drew)

Mega Bloks, by Mattel, are displayed at Toy Fair New York, in the Javits Convention Center, Monday, Feb. 24, 2020. From Baby Yoda to eco-friendly stacking rings, toymakers displayed an array of goods that they hope will be on kids' wish lists for the holiday 2020 season. The four-day Toy Fair comes as the U.S. toy industry has been whipsawed by a number of obstacles. (AP Photo/Richard Drew)

Products in the Go Green line of Little Tikes, from MGA Entertainment, are displayed at Toy Fair New York, in the Javits Convention Center, Monday, Feb. 24, 2020. From Baby Yoda to eco-friendly stacking rings, toymakers displayed an array of goods that they hope will be on kids' wish lists for the holiday 2020 season. The four-day Toy Fair comes as the U.S. toy industry has been whipsawed by a number of obstacles. (AP Photo/Richard Drew)

Mattel Inc. will have a new line of "Baby Yoda" toys ready to hit shelves in time for Christmas, the company said on Tuesday, as it looks to chart a recovery from a steep drop in first-quarter sales due to the coronavirus lockdowns.

The toymaker said its global manufacturing and distribution facilities, including in China where it produces 60% of its products, were largely back to operating at full capacity, echoing rival Hasbro Inc.'s comments from last week.

Mattel Chief Executive Officer Ynon Kreiz, however, cautioned that while he was expecting demand to increase towards the vital end-of-year holiday shopping season, any ramp up in production would be dependent on evidence of consumer demand rising in the coming months.

The company's shares fell nearly 10% to $7.77 in extended trading, adding to an over 36% drop so far this year.

While Mattel did not provide a forecast for the second quarter, Hasbro had warned of a hit to sales in the in the current quarter.

Mattel, known for its Barbie and Hot Wheels toys, said net sales fell 14% to $594.1 million, in the first quarter ended March 31, short of analysts' estimates of $652.7 million, as toy stores were forced to close in strict government lockdowns to contain the spread of the virus.

Kreiz told Reuters retail outlets, which normally account for about a third of Mattel's sales volumes, were closed at the end of March.

Coronavirus in China | DW Documentary

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