Disney reports full year results

Group sales and profit rise in the fourth quarter, while consumer products profit falls.
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Disney has announced its fourth quarter and full year results to October 3rd 2009.

Sales for the whole company in the fourth quarter rose by four per cent from $9.4 billion to $9.8 billion. Net profit rose by 18 per cent from $760 million to $895 million.

For the full year, sales fell by four per cent and net profit was down by 25 per cent from $4.4 billion to $3.3 billion.

The decline for the year was due mainly to a drop in performance in the studio entertainment sector where sales decreased 16 per cent and income fell by 84 per cent for the full year.

President and CEO Robert Inger commented: "Although last year was a difficult one due in part to the weak global economy, I'm pleased with the way our businesses have responded to the downturn.

"We've stayed focused on our long-term strategy, efficiently managed costs, and continued to invest in initiatives to deliver future growth.

"We also have adapted our organization to respong to and take advantage of the changes taking place in our businesses and will continue to do so as we position Disney to thrive for years to come."

The consumer products sales remained flat for the full year at $2.4 billion, with profit down 22 per cent from $778 million to $609 million.

Sales for the fourth quarter were down 12 per cent from $735 million to $646 million and profit was down 28 per cent from $211 million to $151 million.

The company said the results for consumer products reflected the difficult economic climate as well as the strength of Hannah Montana and High school Musical in the prior year.

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