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Economic downturn hits Disney, shares slide

(Agencies)
Updated: 2008-11-07 11:28

Disney's theme parks showed a 7 percent increase in revenue during the most recent quarter, helped by higher guest spending. But operating profit at the unit fell 4 percent due to higher labor costs at Walt Disney World and increased fuel costs at the Disney Cruise Line.

Walt Disney's Mickey Mouse and Minnie Mouse pose at the Taj Mahal in Agra, India, Thursday, Oct. 30, 2008. [Agencies]

Media networks showed 4 percent revenue growth but flat operating profit in the quarter due to lower advertising revenue at its broadcast unit and on higher costs for TV pilots and coverage of the US presidential election.

Pricing for spot advertising was running low double-digit percentages ahead of last year's first quarter, Chief Financial Officer Tom Staggs said. Ad sales for the first quarter were down at ESPN, as auto and electronics companies spend less on advertising, but up "nicely" at ABC Family, he said.

Retail Spending Decline Feared

Consumer products, the bright spot in Disney's earnings report, saw its revenue rise 41 percent and profits jump 14 percent, driven by licensing revenue from popular brands such as "Hannah Montana" and "High School Musical."

Iger said the company believes it will see a decline in consumer spending at retailers that may hit "possibly during the holiday season but almost certainly during calendar 2009."

Studio entertainment revenue and operating profit fell due to weaker movie titles and higher marketing expenses for fourth-quarter releases including "Beverly Hills Chihuahua."

Several titles performed well in the current quarter including "Beverly Hills Chihuahua" and "High School Musical 3" and DVD releases for "Tinker Bell" and "Sleeping Beauty".

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