Profits soar at Disney parks and resorts

Profits soar at Disney parks and resorts

Full-year revenues at Walt Disney Company’s parks and resorts rose by 9% to more than $14 billion to deliver an annual operating profit up 17% at $2.2 billion.

Overall profit for the entertainment giant came in at a record $6.1 billion in the year to September, up 8% year on year.

Annual income at US parks and resorts, Disney Vacation Club and Hong Kong Disneyland Resort was partially offset by a decrease at Disneyland Paris and higher pre-opening costs at Shanghai Disney Resort.

“At Disneyland Paris, increased guest spending was more than offset by lower attendance, fewer occupied room nights and labour and other cost inflation,” the company said.

“Increased guest spending at our international resorts was due to higher average ticket prices, the opening of the World of Disney store in July 2012 at Disneyland Paris and increased average daily hotel room rates.”

Increased guest spending at domestic parks in the US over the summer quarter to the end of September was due to higher average ticket prices, food, beverage and merchandise spending and average daily hotel room rates.

Chairman and chief executive Robert Iger said: “We’re extremely pleased with our results for fiscal 2013, delivering record revenue, net income and earnings per share for the third year in a row.

“It was another great year for the company, both creatively and financially, and we remain confident that we are well positioned to continue our strong performance and drive long-term shareholder value.”

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