"Barbie continues to struggle," he said in a note to clients. Though there's absolutely no proof that her much-publicized split this spring with longtime boyfriend Ken had anything to do with it, consumers are snubbing Barbie.

"According to our retail checks, sales of Barbie have remained sluggish. We also expect Barbie margins to continue to decline as Mattel attempts to reinvigorate sales of the line.

"The Barbie business is not going anywhere," he added.