The Walt Disney Company Reports Second Quarter and Six Months Earnings for Fiscal 2017

The decrease in revenue share with the Consumer Products & Interactive Media segment was due to stronger performance of merchandise based on Star Wars and Frozen in the prior-year quarter.

Consumer Products & Interactive Media

Consumer Products & Interactive Media revenues for the quarter decreased 11% to $1.1 billion and segment operating income increased 3% to $367 million. Higher operating income was due to an improvement at our games business driven by a favorable impact from the discontinuation of our Infinity console game business in the prior-year quarter. This benefit was largely offset by lower licensing results and a decline at our retail business.

The decrease in licensing results was due to lower revenue from products based on Star Wars and Frozen and an unfavorable impact from foreign currency translation. These decreases were partially offset by a decrease in revenue share with the Studio Entertainment segment in the current quarter and a benefit from licensee settlements.

Lower operating income at our retail business was due to lower comparable store sales, reflecting higher sales of Frozen and Star Wars merchandise in the prior-year quarter. This decrease was partially offset by sales of Moana merchandise in the current quarter.

OTHER FINANCIAL INFORMATION

Interest expense, net

Interest expense, net was as follows (in millions):

   
Quarter Ended
April 1,   April 2,
2017 2016 Change
Interest expense $ (115 ) $ (81 ) (42 ) %
Interest and investment income 31   14   >100 %
Interest expense, net $ (84 ) $ (67 ) (25 ) %
 

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