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The Walt Disney Company reported unexpectedly soft fourth-quarter earnings on Thursday, hurt by a calendar quirk, the shift of some ESPN revenue to the third quarter and continued weakness in the theme park business. Although Disney said holiday reservations at its hotels were strengthening, fourth-quarter operating income at its Parks and Resorts unit declined 8 percent, to $316 million. The division was hurt by higher labor costs and a decline in sales at the Disney Vacation Club.
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