Fourth-quarter revenues were down 5% to £4m and operating income was down 31% to £431.7m. This was hurt by a particularly bad performance by its theme parks division and a fall in advertising revenues at ABC.
The company said it expects operating income for the first quarter of 2002 to be half the figure it reported for the first quarter this year. It expects the remaining three quarters of the year to fall short by between 10% and 15%.
Disney said it is also looking at closing more Disney Stores to cut costs. It has already closed more than 100 out of its 500-plus US stores. It is aiming to bring that number down to around 300.
Disney has already achieved cost savings of £585.3m in the past two years. It aims to save another £344.3m in 2002.
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