The Walt Disney Company reported its fourth quarter and full fiscal year 2019 financial reports this afternoon. In the Parks, Experiences and Consumer Products segment that includes Disney's worldwide theme parks, revenue and operating income were up for both the quarter and the year, but the company reported attendance decreases at some resorts.
Revenue was up 8 percent for the quarter and 6 percent for the year for the parks' segment, while operating income rose 17 percent for the quarter and 11 percent for the year. Income gains were driven mostly by higher prices for admission, hotels, food, and merchandise. Disney reported a slight attendance gain at the Walt Disney World Resort but noted attendance declines at California's Disneyland, Shanghai Disneyland and Hong Kong Disneyland.
From the company's earnings summary:
Growth at Disneyland Resort was primarily due to higher guest spending, partially offset by expenses associated with Star Wars: Galaxy’s Edge, which opened on May 31, and, to a lesser extent, lower attendance. Guest spending growth was primarily due to increases in average ticket prices and higher food, beverage and merchandise spending....
Results at Walt Disney World Resort were comparable to the prior-year quarter, despite the adverse impact of Hurricane Dorian in the current quarter. Increases in guest spending and, to a lesser extent, occupied room nights and attendance were offset by higher costs. Higher costs were driven by costs associated with Star Wars: Galaxy’s Edge, which opened on August 29, and cost inflation. Guest spending growth was primarily due to increased food, beverage and merchandise spending and higher average ticket prices.
Operating income at our international parks and resorts was comparable to the prior-year quarter, as growth at Disneyland Paris and Shanghai Disney Resort was largely offset by a decrease at Hong Kong Disneyland Resort. The increase at Disneyland Paris was driven by higher average ticket prices and attendance growth. At Shanghai Disney Resort, higher operating income was due to an increase in average ticket prices, partially offset by lower attendance. Lower results at Hong Kong Disneyland Resort were due to decreases in attendance and occupied room nights reflecting the impact of recent events.
Disney officials said in a conference call that advance hotel bookings are up 5 percent at Disney's domestic theme park resorts, suggesting that attendance will rise in the upcoming year as Disney completes the opening of its Star Wars Galaxy's Edge lands at Walt Disney World and Disneyland, and opens additional new attractions on both coasts.Tweet
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