Quarterly profit at entertainment giant Walt Disney was boosted by its theme parks and cruise line.
The media and theme park company saw net profit rise 14% to $1.2 billion in the quarter to September. Group sales were up by 3% to $10.78 billion.
Revenues at Disney’s parks and resorts division increased by 9% to $3.4 billion with operating income up 18% to $497 million.
The results reflected increases at US parks and resorts, Tokyo Disney Resort, Disney Cruise Line and Hong Kong Disneyland Resort, partially offset by a decrease at Disneyland Paris.
Operating income growth at Disney Cruise Line was due to increased passenger cruise days driven by the Disney Fantasy and Disney Dream, partially offset by the related operating costs, the company said.
“Results for the quarter at our domestic parks and resorts were comparable to the prior-year quarter as increased guest spending at Disneyland Resort and Walt Disney World Resort and increased attendance at Disneyland Resort were largely offset by higher operating costs,” Walt Disney said.
“The guest spending increase reflected higher average ticket prices, daily hotel room rates and food and beverage spending.
“Higher operating costs were driven by resort expansion and new guest offerings, including investments in supporting systems infrastructure, labour cost inflation, and higher employee benefits costs.”
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