(AOF) – Mattel, the American toy manufacturer, will pay 3.5 million dollars (3.55 million euros) to close a dispute with the Securities and Exchange Commission (SEC), the American stock market policeman, bearing financial statements in 2017.
According to The Wall Street Journal, California-based maker of Barbie dolls and Hot Wheels cars understated its tax-related valuation allowance for the third quarter of 2017 by $109 million and overstated the same amount the tax burden for the following quarter. Mattel’s net loss and net loss per share were understated by 15% for the third quarter and then overstated by 63% for the fourth quarter, the SEC said.
Mattel neither admitted nor denied the SEC allegations when it agreed to pay the fine. A Mattel spokeswoman said the company was “pleased to have this matter behind them.” “Although we will not comment on the underlying facts, we appreciate the SEC’s acknowledgment of the corrective actions taken by the company,” the spokeswoman said.
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The French beauty and hygiene market continues to decline
In recent years, the French have simplified their beauty routines, which has resulted in lower spending. According to Kantar, the weight of personal care and beauty in spending on consumer products has steadily decreased over the past five years, dropping below 10%. Thus in 2021, health and beauty expenditure accounted for 8.5%. For the NielsenIQ panelist, the development of telework penalizes the sector because teleworkers reduce their health and beauty purchases twice as quickly as the average French person. This trend is likely to continue in 2022. To this is added another negative factor: with inflation and the loss of purchasing power, the French will certainly carry out arbitrations in their spending, which could be at the expense of the hygiene-beauty.