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10 Nov 2017
Disney announces profits up 14 per cent at parks and resorts
BY
Alice Davis
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Shanghai Disney Resort has performed better than expected since opening in 2016
photo: Walt Disney Co
Disney's parks and resorts division continues to perform strongly, demonstrated by earnings for the fiscal year filed yesterday (9 November). The Walt Disney Co, whose financial year ends on 1 October, reported its entire annual revenue was consistent with last year’s at US$55.1bn (€47.3bn, £41.9bn), compared to US$55.6bn for 2016. Net income was similarly flat after adjustments at US$9bn (€7.73bn, £6.83bn), compared to US$9.4bn (€8.07bn, £7.16bn) in 2016.
Disney’s Parks and Resorts division performed well in 2017, its revenues increasing eight per cent year-on-year to US$18.4bn (€15.8bn, £14bn) and profits up 14 per cent to US$3.8bn (€3.3bn, £2.9bn).
The report shows Q4 operating income across all the entertainment giant’s theme parks and hospitality sites globally rose seven per cent to US$746m (€640m, £567m), led by growth at Disneyland Paris and Shanghai Disney Resort.
In the US, domestic takings were hit by Hurricane Irma, which caused Disney’s four Orlando theme parks – Hollywood Studios, Animal Kingdom, Epcot and Magic Kingdom – to close their doors between 9 and 12 September. The two waterparks – Blizzard Beach and Typhoon Lagoon – stayed closed a further day and several cruise itineraries were also shortened or cancelled. That meant income at Walt Disney World was six per cent lower in Q4 this year than in 2016, costing the company an estimated US$100m.
However, US parks did enjoy a two per cent rise in attendance thanks to new attractions like Pandora – World of Avatar at Disney's Animal Kingdom and Guardians of the Galaxy – Mission: BREAKOUT at Disney California Adventure.
Division profits were boosted thanks to strong performances in France and China. Disneyland Paris benefitted from a boost in attendance as it celebrated its 25th year, and Shanghai Disney Resort attracted enough visitors to more than break even in its first year. The Shanghai attraction also saved money on marketing costs compared to the prior year.
Looking forward, the company expects an extra US$1bn of capital expenditure next year as new projects are completed worldwide.
“We continue to make significant investments required to drive long-term growth across our entire company,” said Disney CEO Bob Iger in an earnings call. “In our parks and resorts, for example, we've commissioned three spectacular new cruise ships, which will all be completed between 2021 and 2023.
“We're nearing completion on Toy Story Lands in Shanghai and Orlando, both of which will open by next summer. And major construction continues on our Star Wars Lands in Disneyland and Walt Disney World, which are on schedule to open in 2019.
"We're also adding new attractions in hotels and our resorts around the world, along with cutting-edge technology to enhance the guest experience. We remain optimistic about our future in part because quality truly does matter and the quality of our content, our products and our services set Disney apart.”
You can read the full report here.
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