WWE Financials: Consumer Projects Division Drops

In today’s first quarter 2014 financials report, the WWE announced that the revenues from the Consumer Products side of the business were $23.2 million as compared to $32.6 million in the prior year quarter. This was primarily due to the decline in the Company’s video game licensing royalties. The good news is that WWEShop revenues increased 20% from this time last year. Here is the breakdown…

* Licensing revenues were $14.0 million as compared to $24.0 million in the prior year quarter, primarily driven by the transition to a new video game partner, Take-Two Interactive, and contractual changes in the Company’s licensing agreement. Estimated North American unit sales for our franchise game at retail were effectively unchanged versus the prior year period and compared favorably to a 33% industry decline in current generation software sales. Additionally, video game revenues in the prior year quarter were positively impacted by a $2.0 million benefit associated with the termination of our agreement with our former video game licensee, THQ.

* Venue Merchandise revenues decreased 2% to $5.0 million from $5.1 million in the prior year quarter primarily due to a 6% decline in per capita merchandise sales at domestic events to $9.64 in the current year quarter, which more than offset a 4% increase in total attendance at those events.

* WWEShop revenues increased 20% to $4.2 million as compared to $3.5 million in the prior year quarter based on a 16% increase in the volume of online merchandise sales to approximately 85,000 orders. Orders increased primarily due to mobile shop optimization and a new partnership with Amazon UK. The average revenue per order was essentially unchanged from the prior year quarter.

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