Summer operating profits at Disney’s parks, experiences and products division more than doubled as it saw holidaymakers return and cruise demand recover.
New ship Disney Wish helped boost Disney Cruise Line as fleet capacity ramped up from reduced levels at return to service last year.
The division’s year-on-year operating income for the three months to October 1 rose to $1.5 billion from $0.6 billion in the same period last year.
Revenues for the quarter increased to $7.4 billion from $5.5 billion.
The company said: “Higher operating results for the quarter reflected increases at our domestic and international parks and experiences businesses and, to a lesser extent, our merchandise licensing business.
“Operating income growth at our domestic parks and experiences was due to higher volumes and increased guest spending, partially offset by cost inflation, higher operations support costs and costs for new guest offerings.
“Higher volumes were due to increases in attendance, cruise ship sailings, which included a benefit from the July 2022 launch of the Disney Wish, and occupied room nights.
“Cruise ships were operating during the entire current quarter while sailings resumed during the prior-year quarter and operated at reduced capacities.
“Guest spending growth was due to an increase in average per capita ticket revenue driven by the introduction of Genie+ and Lightning Lane in the first quarter of the current fiscal year.”
Improved results at international parks and resorts were due to growth at Disneyland Paris, partially offset by a decrease at Shanghai Disney Resort.
“Higher operating results at Disneyland Paris were due to an increase in volumes and higher average ticket prices, partially offset by higher operations support costs.
“Higher volumes were due to increases in attendance and occupied room nights.
“The decrease at Shanghai Disney Resort was due to lower average ticket prices driven by a higher mix of annual passholder attendees in the current quarter as a result of Covid-19-related travel restrictions.”
Overall quarterly profits edged up to $162 million from $160 million last year with quarterly revenues up by 9% to $20 billion.
The full year results showed profit rise by 58% to $3.2 billion as revenue increased by 23% to almost $83 billion.
Chief executive Bob Chapek said: “As we embark on Disney’s second century in 2023, I am filled with optimism that this iconic company’s best days still lie ahead.”