The Walt Disney Company has reported its full-year and fourth quarter earnings, with its consumer products division being the stand out performer for the firm.
Full-year revenue stood at a record of $37.8 billion, although net income fell 13 per cent to $760 million in the fiscal fourth quarter compared with a year ago.
Consumer products, however, saw revenues for the year increase 26 per cent to $2.9 billion, while segment operating income increased 14 per cent to $718 million. For the quarter, revenues jumped a healthy 41 per cent to $812 million, with operating income growing to $176 million.
The growth has been attributed to an increase in merchandise licensing, primarily due to higher earned royalties across multiple product categories, led by Hannah Montana and High School Musical.
Elsewhere, the media networks segment saw revenue climb four per cent to $4.21 billion, with operating income flat at $1.06 billion.
The parks and resort sector, meanwhile, grew by seven per cent in revenue to $3.0 billion, although segment operating income was down four per cent to $412 million.
However, it was the studio entertainment sector where the losses were felt most. For the year, revenues decreased two per cent to $7.3 billion, while operating income was down nine per cent to $1.1 billion. For the fourth quarter, revenues decreased five per cent to $1.5 billion and operating income decreased to $98 million.
"I'm pleased by Disney's strong performance in fiscal year 2008, especially in light of the challenging economic environment," said Robert Iger, president and CEO. "This is clearly a difficult and unpredictable time and while our businesses aren't immune, the strength of our assets, brands and management team positions us well for the long-term."