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06 Feb 2019
Disney’s parks make losses despite revenue gains in Q4 2018
BY
Luke Cloherty
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Revenues rose in the quarter to US$6.8bn (€6bn, £5.2bn) from Q4 2017’s figure of US$6.5bn (€5.7bn, £5bn), a 4 per cent rise
photo: Shutterstock.com
Disney’s latest financial results show that its Parks, Experiences and Consumer Products division made increased year-on-year revenues in Q4 2018 but is still unable to turn a profit. Revenues rose in the quarter to US$6.8bn (€6bn, £5.2bn) from Q4 2017’s figure of US$6.5bn (€5.7bn, £5bn), a 4 per cent rise.
Operating income also rose, reaching US$2.2bn (€1.9bn, £1.7bn) in Q4 2018, a 9 per cent increase on Q4 2017’s US$2bn (€1.8bn, £1.5bn) figure.
The division is still running at a loss, however, and actually significantly worsened in the quarterly profit/loss column, dropping to a US$12m loss from US$7m in Q4 2017, a 48 per cent negative increase.
Parks and Resorts had a balance of US$291m (€255.5m, £224.5m) at the quarter’s end.
While hotel occupancy rose three points from 91 per cent to 94 per cent and park per capita guest spending stayed at 7 per cent year-on-year, labour cost inflation at Disney’s theme parks and resorts contributed towards a cost of services increase of 3 per cent for the quarter.
"The increase in theme parks admissions revenue was due to an increase of 8 per cent from higher average ticket prices, partially offset by decreases of 1 per cent from an unfavourable foreign currency impact and 1 per cent from lower attendance," said the group's quarterly results statement.
"Parks and Experiences merchandise, food and beverage revenue growth was due to an increase of 5 per cent from higher average guest spending.
"Cost of services for the quarter increased 3 per cent, or US$240m (€210.7m, £185.1m), to US$7.6bn (€5.9bn, £5.2bn) due to higher sports programming and production costs and labour cost inflation at our theme parks and resorts."
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