"We are disappointed with our results but moving forward with a heightened sense of urgency," he said in a statement.Analysts say Mattel has been suffering from an innovation problem and had few toys on the market that captured the interest of fickle young consumers during the crucial holiday gift-buying season.Stockton, who had led the toy maker since 2012, failed to turn around the company. His resignation was announced Monday. Mattel is looking inside and outside the company for a new CEO, spokesman Alex Clark said.

Iconic doll is facing pressure from Disneys Frozen line, which has become a juggernaut in the toy aisle.Sales of Mattels iconic Barbie fell for a third consecutive year in 2014, the company said Friday. The decline puts pressure on the toy makers overall results at a time when the preschool Fisher-Price line is also facing some challenges. Here are some of the key points fromthe companys quarterly earnings report, released this morning.What you need to know:Barbies sales slumped 16% in 2014, with sales falling by the double digits for each quarter throughout the year. Barbie has faced pressure from DisneysDIS0.30%Frozen line, which has become a juggernaut in the toy aisle, but the dolls recent downturn is also due to some broader trends in the toy aisle that are almost out of MattelsMAT3.30%control. Jim Silver, editor-in-chief of toy-focused website TTPM.com, said Barbies core demographic used to be between the ages of 3 to 9 but is now a more narrow 3 to 6.Kids grow up much faster than they used to, and they move on faster, Silver said. Other fashion dolls, including some lines that Mattel has developed, have stolen market share and attention. The sales decline for Barbie, and similar problems at Fisher-Price, led the toy company tooust its CEOearlier this week. Barbies sales decline also accelerated in 2014, as the brands sales only slipped 6% in 2013 and 3% in 2012.Silver said one potential solution to Barbies decline is to add more diversity to the doll lineup. He said it is also notable that Mattel has brought back Richard Dickson, now co-president, as he previously ran Barbie during her heyday.The big number:Net income for the fourth quarter tumbled 59% to $149.9 million, or 44 cents a share, with sales falling 6% to $1.99 billion. Excluding some charges Mattel booked, profit in the latest period was 52 cents, still far short of the 92 cents projected by analysts. Wall Street had also projected revenue to total $2.12 billion.What you might have missed:Barbies downfall is getting a lot of attention, but the problems in Mattels portfolio are broad. In the key fourth quarter, when sales are supposed to strengthen during the holiday season, Fisher-Price sales slipped 11% while American Girl doll sales were down 4%. Only Hot Wheels grew. Fisher-Price is also facing pressure, as some analysts and toy insiders say price points for the line are too high, and competitors have been able to take advantage by undercutting Mattel and stealing key shelf space.