Consumer products sales spike 57% at US firm Walt Disney in Q3

13 Aug '21

1 min read

Pic: Shop Disney

Third quarter (Q3) revenue at The Walt Disney, a US-based mass media company also engaged in merchandised clothing, escalated 45 per cent to $17.0 billion against revenue of $11.8 billion in the corresponding quarter of prior fiscal. Consumer products revenue for the quarter increased 57 per cent to $1.1 billion (Q3 FY20: $736 million).

“Growth in merchandise licensing was primarily due to higher revenue from merchandise based on Mickey and Minnie, Star Wars, including The Mandalorian, Disney Princesses and Spider-Man. The increase at our retail business was due to higher results at Disney Stores, most of which were closed in the prior-year quarter and the comparison to the write-down of store assets in the prior-year quarter,” according to the company's statement.

Total segment operating income for the quarter ended on July 3, 2021, climbed over 100 per cent to $2.4 billion, while net income from continuing operations was $923 million compared to loss of $4.7 billion.

“We ended the third quarter in a strong position, and are pleased with the company’s trajectory as we grow our businesses amidst the ongoing challenges of the pandemic,” Bob Chapek, chief executive officer at The Walt Disney Company, said in a press release.

Fibre2Fashion News Desk (JL)

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