Business Briefs: Disney reports 22 percent increase in net profit
Walt Disney Co has reported 22 percent increase in quarterly net profit, well above the market expectations. The media major registered higher footfalls at theme parks and higher sales of merchandise tied to mega hit “Frozen”. The success of movie “Captain America” also contributed to the impressive performance for the second quarter.
Walt Disney reported 8 percent increase in revenue at $12.47 billion. The net income was higher at $2.2 billion during the quarter under review. The company has reported earnings per share on diluted basis of $1.28.
Disney media networks segment reported a flat quarter. The performance for cable networks division suffered due to higher cost at ESPN. The company also suffered a setback after sale of ESPN UK.
Burbank-based Disney registered 25 percent increase in sales for consumer products segment as merchandise related to “Frozen”, “Spider-Man” and “Planes” remained strong. Theme parks reported 23 percent increase in operating income at $848 million for the quarter.
CEO Bob Iger said, "Right now, I’m comfortable with the way the company is structured." Iger is scheduled to retire in June 2016.
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