Disney posts record earnings

Annual report shows revenues for year increased to $48.8B


Disney posted record numbers in profit, according to its quarterly earnings.

[READ: Disney earnings report]

Disney says revenues for the fiscal year increased 8 percent to a record $48.8 billion. Profits in the parks are up 20 percent  for the last three months and for the year.

Disney said the profits would have been higher, but the report takes into consideration the cost of finishing the My Magic + band program.

Vacation Club Sales were down, and the cost of building Shanghai Disneyland also weighed down profits.

The earnings report comes the same day Disney announced "Toy Story 4" will released in 2017.