Disney gets its fairytale ending with $1.3bn profit

Marion Dakers
HIT movies like Toy Story 3 and higher advertising sales have lifted quarterly profit at Walt Disney by 40 per cent, the firm said yesterday.

Pre-tax profit for the three months to 3 July rose to $1.3bn (£820m), from $954m a year ago, while revenue beat analyst forecasts by rising 16 per cent to $10bn.

Spin offs from blockbuster films boosted sales in the consumer product division, which advanced 19 per cent to $606m.

Revenue at the firm’s media arm, which houses sports network ESPN and broadcaster ABC, rose 19 per cent to $4.6bn, benefiting from $344m in turnover held over from last year.

However, the theme parks arm saw turnover slide eight per cent to $477m, as holidaymakers spent time at cheaper resorts following price rises at Disney destinations.