Disney4me Posted February 8, 2023 Report Share Posted February 8, 2023 Today is a BIG day for The Walt Disney Company. Cinderella Castle Today marks the FIRST quarterly earnings report and call since Bob Iger returned as CEO of the company (although note Bob Chapek was still the CEO for part of this fiscal quarter). The earnings call lets us know how the company is doing overall. We recently learned that Disney+ lost subscribers globally over the past quarter, but how are Disney’s Parks doing? During the last quarterly earnings call, Disney shared that parks revenue was at $7.4 billion during Q4 2022, an increase from the previous quarter. That was despite some pretty significant losses due to Hurricane Ian that directly impacted operations at Disney World. Flooding from Hurricane Ian at a Disney World construction site During the most recent earnings call, Disney reported the revenue for Parks & Experiences in Q1 2023 was $8.7 billion, an increase of 21%. The company also reported that segment operating income (the difference between net revenue and operating expenses) increased 25% to $3.1 billion. According to the earnings report, “higher operating results for the quarter reflected increases at our domestic parks and experiences and, to a lesser extent, our international parks and resorts.” Parks revenue is up Disney cites the income growth is due to “higher volumes and increased guest spending, partially offset by cost inflation, higher operations support costs and increased costs for new guest offerings.” The report also cited that Genie+ and Lightning Lane contributed to the increase in guest spending. Genie+ and Lightning Lane helped fuel more guest spending Domestically, this growth was achieved by purposely reducing capacity at the parks, thanks to the park pass reservation system. On January 1st, 2022, Disney’s domestic revenue was $4.8 billion — at the end of the year, on December 31st, 2022, the revenue was up 27% to a little over $6 billion. Overall, Disney has seen park attendance at both Disney World and Disneyland already pacing above the prior year, and it is expected to continue. Domestic Disney Parks revenue is up The increase in revenue for international parks was due to “growth at Disneyland Paris and higher royalties from Tokyo Disney Resort, partially offset by a decrease at Shanghai Disney Resort.” Higher operating results at Disneyland Paris stemmed from more guests in the parks plus more guest spending, but “offset partially offset by a loss on the disposal of our ownership interest in Villages Nature, increased costs for new guest offerings and cost inflation.” Tokyo Disney Sea There was a decrease at Shanghai Disney Resort, though, due to lower guest attendance as a result of the park’s closures due to COVID-19 policies. We’ll be covering everything from Disney’s Q1 2023 earnings call, so stay tuned to DFB for more. The One BIG Change Fans Want To See At Disney World Join the DFB Newsletter to get all the breaking news right in your inbox! Click here to Subscribe! Don't Miss Out on Any Disney Fun! Order Your Copy of the 2023 DFB Guide to Walt Disney World Dining Today! With more than 900 pages, the 2023 DFB Guide to Walt Disney World Dining is full of tips and planning tools developed by Disney World experts over 30+ years of visits. We've done the research for you, so you'll know just which spots will uniquely suit your family's needs! You'll get a Reference Guide, a 101 Plan, and a Printables and Resources Guide! With mini-reviews of every single restaurant, bar, lounge, kiosk and more; an entire chapter on the best snacks in Disney World; full Disney Dining Plan analysis; and a full chapter on discounts and deals; you'll have everything you need to plan your best vacation yet. Click here to order your copy of the 2023 DFB Guide to Walt Disney World Dining E-book with code WDW2023 to save 25% off the cover price today! Use code WDW2023 at check-out for 25% off the cover price today! http://www.disneyfoodblog.com/wp-content/uploads/2016/11/ready-to-shop-button.png Our guides are backed by a 100% money-back guarantee, so you have nothing to lose. What do you think of these numbers? Let us know in the comments!The post You’re Spending MORE at the Disney Parks — Here’s the Proof first appeared on the disney food blog.View the full article Quote Link to comment Share on other sites More sharing options...
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