Higher segment operating income for both the year and quarter was primarily due to increases at Merchandise Licensing and our retail business as well as favorable foreign currency impacts. At Merchandise Licensing, the increase for the year and quarter was driven by earned royalty growth reflecting the strong performance of Spider-Man , Avengers, and Minnie and Mickey merchandise in the current year and an increase in Japan as a result of the impact of the earthquake and tsunami which occurred in the second quarter of the prior year. These increases were partially offset by lower sales of Cars and Toy Story merchandise. Licensing results for the current year also benefitted from lower revenue share with Studio Entertainment and higher guaranteed shortfall recognition. The revenue share impact was due to a lower mix of revenues from properties subject to revenue share in the current year reflecting the strong prior-year sales of Cars merchandise.At our retail business, higher operating income for the year and quarter was driven by new stores in North America and Europe and higher online sales.
The Walt Disney Company Reports Fourth Quarter And Full Year Earnings For Fiscal 2012
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