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Tuesday, May 5, 2009

As expected, Disney reports a loss for the 2nd quarter

Just as many had anticipated, the Walt Disney company reported very poor financial performance for the 2nd quarter of this year (Jan-March, 2009). Profits fell by more than 45% as compared to this time a year ago. Performance at the theme parks were especially poor, with profits falling more than 50% as compared to this time last year.

Disney cited several factors to explain the poor performance, especially in the parks. One major reason was the fact that the Easter/Spring Break season was in April (which is in the 3rd quarter) as opposed to March. Also, Disney did offer major discounts to encourage park attendance.

Read Disney's official earnings release here: http://corporate.disney.go.com/investors/quarterly_earnings/2009_q2.pdf

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