Walt Disney has scaled back its Internet operations and expects them to be profitable by the end of this fiscal year, chairman and chief executive Mr Michael Eisner said today.
In a letter to shareholders, Mr Eisner said the media and theme park firm has also completed a several-year process of closing 51 underperforming Disney Stores and plans to close another 50. The aim is to stabilise the number of North American stores at between 300 and 400, he said.
Mr Eisner said the company sees some of the greatest growth opportunities outside the United States and expects Disney's overall international television business to be profitable by 2003.
The letter is part of Disney's 2001 annual report, which is being mailed to shareholders.
Disney's stock closed trading yesterday at $21.45 on the New York Stock Exchange.