Business briefs for Nov. 21, 2003

Friday, Nov. 21, 2003 | 9:43 a.m.

Profit doubles on film, TV success

BURBANK, CALIF. -- Walt Disney Co., the second-largest U.S. media company, said fiscal fourth-quarter profit more than doubled because sales increased at its film studios and cable- television networks.

Net income rose to $415 million, or 20 cents a share, from $175 million, or 9 cents, a year earlier. Revenue for the period ended Sept. 30 increased 5.3 percent to $7.01 billion from $6.67 billion, Burbank, California-based Disney said.

Chief Executive Michael Eisner led Disney to higher profit as films such as the low-cost "Freaky Friday" as well as "Pirates of the Caribbean" boosted results. Earnings also rose because of higher sales at its cable-TV networks such as sports channel ESPN. Gains at those divisions were trimmed by lower results at Disney's theme parks and resorts.

The fourth-quarter results topped analysts' forecasts.

Cosmetics sales brighten results

SEATTLE -- Nordstrom Inc., an upscale department- store chain, said third-quarter earnings more than doubled as shoppers bought more cosmetics and women's designer clothing. The retailer forecast profit this quarter will be more than analysts expected.

Net income in the period ended Nov. 1 soared to $45.5 million, or 33 cents a share, from $18.4 million, or 14 cents, a year earlier. The company said ales rose 7.4 percent and that fourth-quarter profit will be as much as 58 cents a share, 7 cents more than the average estimate of analysts surveyed by Thomson Financial.

Nordstrom cut inventory, leaving less summer merchandise that had to be sold at reduced prices, and used new computer systems to track how items were selling so popular blouses and skirts can be reordered sooner. Higher-price retailers have benefited as shoppers splurge amid easing concerns about the economy.

Nordstrom was expected to earn 22 cents in the third quarter, Thomson Financial said.