Disney Readies to Flood Chinese Toy Market
Disney (NYSE:DIS) is set to open its first store in China (NYSE:FXI) in fall 2012, with further plans to open 25-40 stores in the country over the next three years, said Disney Stores Worldwide President Jim Fielding, according to a report from China Daily.
Fielding said Disney has leased its first store in Shanghai and is scouting sites in Beijing and other large metropolitan areas, according to the China Daily report.
“China is very important to overall Disney company plans, obviously with the launch of the Shanghai Disneyland Park,” Fielding said, “So, it is probably the newest country that is getting the most focus.” Disney began construction on the Shanghai Disneyland theme park in April 2011.
Here’s how shares of Disney are reacting to the news:
Walt Disney Co. (NYSE:DIS): DIS shares recently traded at $38.92, up $0.44, or 1.14%. They have traded in a 52-week range of $28.19 to $44.34. Volume today was 5,238,859 shares versus a 3-month average volume of 11,457,800 shares. The company’s trailing P/E is 15.44, while trailing earnings are $2.52 per share.