News
Disney up in Q2
Ronnie Dungan May 7 2008, 11:20am
Disney’s second quarter results show an increase in both profit and turnover. Disney said net income was $1.13 billion, or 58 c
The firm said net income was $1.13 billion, or 58 cents a share, compared with $931 million, or 44 cents a share, for the same period a year ago.
The entertainment giant said sales were $8.71 billion against last year's $7.95 billion. Analysts expected Disney to earn 51 cents a share on sales of $8.51 billion.
Its media networks division saw a five per cent rise in sales to $3.6 billion, with operating income climbing 14 per cent to $1.3 billion. Much of the increase was driven by growth at ESPN.
Higher income at cable equity investments also drove increases.
The one slight hiccup for the firm proved to be in its consumer products division, where there was a 10 per cent rise in sales to $551 million, though operating income was down 14 per cent to $107 million.
The company's recent re-acquiring of 200 Disney Stores from Children's Place is likely to cut into profit through the end of the year say analysts.
