Disney says 2011 was 'a great year'

By Katie Roberts

November 11th 2011 at 10:12AM
Disney says 2011 was 'a great year'

Firm reports seven per cent increase in sales for the full year.

The Walt Disney Company has reported its financial results for its fiscal year and fourth quarter ended October 1st, 2011.

Full year revenues increased by seven per cent to $40.9 million, compared to $38 million in 2010. Net profit also increased by 21 per cent to $4.8 million. The figure was $3.9 million in 2010.

For the fourth quarter, sales were up by seven per cent to $10.4 million, compared to $9.7 million in Q4 2010. Year-on-year, the Q4 net profit increased by 30 per cent to $1 million, compared to $0.8 million.

“Fiscal 2011 was a great year financially and strategically, demonstrating the strength of our brands and businesses with record revenue, net income and earnings per share,” said Disney president and CEO Robert Iger.

“We are confident the company is well-positioned to deliver long-term value for our shareholders with our focus on quality content, compelling uses of technology and global asset growth.”

Consumer products revenues for the year increased 14 per cent to $3 billion and operating profit for the segment increased 21 per cent to $816 million. For the quarter, sales increased 12 per cent to $816 million and segment operating income increased 13 per cent to $207 million.

The increased profit in consumer products for both the year and quarter was driven by higher merchandise licensing revenues reflecting the strong performance of Cars merchandise and higher revenue from Marvel properties.

The increase in revenue from Marvel properties reflected the impact of acquisition accounting which reduced revenue recognition in the prior-year periods. These increases were partially offset by a higher revenue share with the Studio Entertainment segment primarily due to the performance of Cars merchandise.

The increase in revenue from Marvel properties for the year also included an additional quarter of operations for Marvel which was acquired at the end of the first quarter of the prior year.

Additionally, results for the year reflected an improvement at the Disney Store North America driven by higher comparable store sales.