Disney’s Consumer Products and Interactive Media division decreased 6% to $1.2 billion, and operating income decreased 12% to $373 million, which the company blamed on a “decrease at our merchandise licensing business.”

“Lower results… were primarily due to a decrease in earned licensing revenues, higher third-party royalty expense and an unfavorable impact from foreign currency translation. Lower earned licensing revenues were due to decreased sales of merchandise based on Star Wars, Frozen and Finding Dory, partially offset by increases from merchandise based on Cars and Spider-Man,” the company said in a release accompanying its corporate earnings report.

Overall, Disney’s net income in Q4 ended Sept. 30 fell 1% to $1.74 billion as revenue declined 3% to $12.7 billion. The downturn in sales was largely tied to a 12% drop in studio entertainment revenue to $1.4 billion, partially due by weak performance of Cars 3 theatrically than for Finding Dory a year earlier