Disney reports record quarterly revenue despite lower attendance

In today’s investors’ conference call, Christine McCarthy, Chief Financial Office for the Walt Disney Company, reported that Parks and Resorts division revenue was up for the third fiscal quarter, yet attendance at domestic theme parks was down.

Domestic theme park attendance dropped 4 percent, partially due to the Easter holiday falling in the previous quarter, but also due to construction at theme parks on both coasts.

While attendance was down, guests were spending more on tickets and more guests were staying at Disney hotels, which showed a 3 percent increase and a 90 percent occupancy rate.

Parks and Resorts saw a 6 percent increase to $4.4 billion in the quarter that ended July 2, 2016.

Disney Chief Executive Officer Bob Iger also had good things to say about the new Shanghai Disneyland, which has already welcomed its 1 millionth visitor.

Revenue was up in other areas as well, including a 1 percent increase at ESPN, which has struggled at times.

Overall, Disney’s revenue rose 9 percent to $14.2 billion, with total profits up 5 percent to $2.6 billion for the quarter.


Source: Orange County Register



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