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Theme park spending boosts Disney | Theme park spending boosts Disney |
(about 11 hours later) | |
Walt Disney has reported a big rise in quarterly profits thanks to increased spending by visitors to its theme parks. | Walt Disney has reported a big rise in quarterly profits thanks to increased spending by visitors to its theme parks. |
Net income for the three months to the end of September came in at $1.09bn (£684m), up 30% from the same period last year. | Net income for the three months to the end of September came in at $1.09bn (£684m), up 30% from the same period last year. |
Income from theme parks rose 33%, while income from its media networks, which include ABC and ESPN, grew 20%. | |
For the full year, net income rose 21% from a year earlier to $4.8bn. | For the full year, net income rose 21% from a year earlier to $4.8bn. |
Walt Disney shares were the second biggest risers on the Dow Jones index on Thursday, rising 2.5% before the results were released. They rose another 2.5% in after-hours trading. | Walt Disney shares were the second biggest risers on the Dow Jones index on Thursday, rising 2.5% before the results were released. They rose another 2.5% in after-hours trading. |
It was a relatively disappointing year for the studio entertainment segment of the business, which reported an 11% fall in annual income. | It was a relatively disappointing year for the studio entertainment segment of the business, which reported an 11% fall in annual income. |
The decline was blamed on this year's films such as Cars 2 and the fourth Pirates of the Caribbean film not doing as well as last year's films such as Toy Story 3 and Princess and the Frog. | |
Disney said the increased spending per visitor to its theme parks reflected higher prices for tickets, hotels, food and merchandise. | Disney said the increased spending per visitor to its theme parks reflected higher prices for tickets, hotels, food and merchandise. |
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