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Disney theme parks quarterly revenue doubles as tourists return

Revenues for Disney Parks, Experiences and Products in the three months to April 2 doubled to $6.7 billion from $3.2 billion in the same period last year.

Operating results increased by $2.2 billion to income of $1.8 billion compared to a loss of $0.4 billion year-on-year.

The higher operating results for the quarter reflected increases at Walt Disney Company’s US theme parks and experiences businesses “and to a lesser extent” at its international parks and resorts and merchandise licensing businesses.

“Operating income growth at our [US] domestic parks and experiences was due to higher volumes and increased guest spending, partially offset by higher costs,” the company said.

“Higher volumes were due to increases in attendance, occupied room nights and cruise ship sailings.

“Cruise ships operated at reduced capacities in the current quarter while sailings were suspended in the prior-year quarter.

“Guest spending growth was due to an increase in average per capita ticket revenue, higher average daily hotel room rates and an increase in food, beverage and merchandise spending.”

Disney’s US parks and resorts were open for the entire current quarter, whereas Disneyland Resort was closed for all of the prior-year quarter, and Walt Disney World Resort operated at reduced capacity due to Covid-19 restrictions.

Improved results at the group’s international parks and resorts was due to growth at Disneyland Paris, partially offset by decreases at Hong Kong Disneyland Resort and Shanghai Disney Resort.

“Higher operating results at Disneyland Paris were due to increases in attendance and occupied room nights, partially offset by higher operating costs due to volume growth and increased marketing costs,” Disney said.

“The decreases at Hong Kong Disneyland Resort and Shanghai Disney Resort were driven by lower attendance.

“Disneyland Paris was open for the entire current quarter and closed for all of the prior-year quarter.

“Hong Kong Disneyland Resort was open for three days in the current quarter compared to 33 days in the prior-year quarter.

“Shanghai Disney Resort was open for 78 days in the current quarter and open for all of the prior-year quarter.

“Tokyo Disney Resort was open for the entire quarter in both the current and prior years.”

Chief executive Bob Chapek said: “Our strong results in the second quarter, including fantastic performance at our domestic parks and continued growth of our streaming services once again proved that we are in a league of our own.”

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