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Increase in profits for the theme parks and resorts

of The Walt Disney Company in first half 2012

Update : 16:32 Published by François Mayné the 11 May 2012, Corporate.

TWDC announced earlier this week the earnings for its second fiscal quarter and six months ended March 31, 2012. The Group reported global revenues of $20,408 billion (about €14,75 billion) up 3% versus the first half of last year. The net income is up 16% at $2.607 billion (about €2,01 billion) while diluted EPS is also increasing.

These results are supported by the sales from the segment of theme parks and resorts that increases 10% during this first half to $6.05 billion (about €4.66 billion), while net income is meanwhile up 26% to $ 775 million (approximately €598 million). Although it is the slowest period for tourism activities of the Group, theme parks and resorts have made an excellent second quarter with a turnover of $2.9 billion (€2.23 billion) and a net income of $222 million (about €171 million), or nearly 53% increase compared to 2011!

TWDC explains this financial performance by the increase of the volume of activities of all the theme parks and resorts worldwide with the exception of Disneyland Paris. Higher operating income at Walt Disney World Resort (Florida) and Disneyland (California) is explained by a higher attendance and increased guest spending through higher average ticket prices, daily hotel room rates and food, beverage and merchandise spending. The result is partially offset by higher costs that were driven by labor cost inflation, resort expansion and new guest offerings, volume-related cost increases, and increased investments in systems infrastructure.

About the theme parks abroad, higher activities of Tokyo Disney Resort is explained by the fact that the Japanese resort had achieved a abnormally low turnover in March 2011 following the earthquake, which had led to a temporary closure of the facilities. The increase at Hong Kong Disneyland Resort is due to higher guest spending and attendance. Finally, Disneyland Paris reported a lower attendance (6.8 million visitors against 6.9 last year) which is combined with an increase in labor costs.

During the first half, TWDC has invested $1.75 billion (about €1.35 billion) including 1.44 for the two resorts in North America. This amount increased 13.5% compared to last year, reflecting in particular the expansions underway in California (Cars Land) and Florida (New Fantasyland) as well as the cost of construction of Shanghai Disneyland Resort (opening planned in 2015).

“With 18% adjusted growth in earnings per share, we’re pleased with our second quarter performance,” said Robert A. Iger, Disney Chairman and CEO. “We’re incredibly optimistic about our future, given the strength of our core brands, Disney, Pixar, Marvel, ESPN, and ABC, and our extraordinary ability to grow franchises across our businesses, such as The Avengers, which shattered domestic box office records with a $207.1 million opening weekend for a global performance of more than $702 million to date.”

Walt Disney Parks & Resorts - Walt Disney World Resort - Disneyland Resort - Tokyo Disney Resort - Hong Kong Disneyland Resort - Euro Disney S.C.A. - Shanghai Disney Resort

Written by François Mayné

François Mayné Publishing Director » Contact Us
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Walt Disney Parks & Resorts
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