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Shares of Mattel fell as much as 8.6 percent in after-hours trading Thursday, as it reported first-quarter revenue and earnings that missed Wall Street's expectations.
The toy company posted a loss of 32 cents per share, excluding items. That was worse than the expected loss of 17 cents per share, according to a consensus of analysts polled by Thomson Reuters.
Mattel reported net revenue of $736 million for the quarter, below estimates for $801 million.
A year ago, Mattel had a loss of 13 cents a share and revenue of $869.4 million
"Our Q1 results were below our expectations due to the retail inventory overhang coming out of the holiday period, but we remain encouraged by strong performance at retail for our key core brands, including Barbie, Hot Wheels and FisherPrice as well as sustained momentum in high-growth markets like China," Margo Georgiadis, Mattel's CEO, said in a statement Thursday.
The company had forecast in its fourth-quarter earnings report that year-end inventories would negatively impact 2017 revenue by less than 2 percent.
Mattel shares are down more than 23 percent over the past year.
Georgiadis said that the company is confident that it has "worked through the majority of this overhang" and looks forward to the launch of its line of toys tied to Disney's "Cars" franchise.
The company reported that sales in its girls and boys division, which includes properties like Barbie, fell 16 percent during the quarter.
Sales of Barbie alone dropped 13 percent, declining for the second quarter in a row. The brand saw a boost in the first three quarters of 2016, in part by a new marketing campaign and the launch of a series of dolls in a variety of skin tones and body shapes.
Here's how other Mattel brands fared:
Hot Wheels cars were the only brand that had positive growth in the fourth quarter, with sales up 4 percent, according to the company. Those sales could continue to grow in the second quarter as Mattel rolls out its line of "Cars 3" merchandise.
Although Mattel has long suffered from lackluster sales, the company could be slated to see a slight boost in the coming quarters, according to Linda Bolton Weiser, senior analyst at B. Riley.
Weiser told CNBC earlier this week that the comparisons between the first and second quarter will be "night and day" for the toy industry. She said that the inventory issues from the fourth quarter will have been worked through and companies will begin to reap the benefits of entertainment licenses.
Hasbro will see strong sales from "Guardians of the Galaxy," "Transformers," "My Little Pony" and "Spider-Man," while Mattel will receive a boost from "Cars 3" and "Wonder Woman."