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Disney's theme parks and resorts sign strong

financial results with revenues up 7% in Q3 2013

Update : 25/08/13 - 10h06 Published by François Mayné the 11 August 2013, Corporate.

The theme parks and resorts of The Walt Disney Company (TWDC) have once again achieved excellent financial performance in the third quarter of fiscal 2013. The group reported, over this period*, total revenues of $11.58 billion (about €8.7 billion), up 4% compared to the previous year.

"We are pleased with the results we delivered in the third quarter. We are confident that our strategy of creating high-quality branded content positions us well for the future," commented Robert A. Iger, Chairman and CEO of the company.

Disney's theme parks and resorts sign strong financial results with revenues up 7% in Q3 of FY 2013.

The largest operator of attractions in the world – more than 126 million visitors in 2012** - announced that its different parks and resorts around the globe had reached a third-quarter revenues of $3.68 billion (€2.75 billion), up 7% compared to 2012. The positive trend observed during the first half has thus continued, the activity surpassing the $10 billion of turnover in respect of the first 9 months of the year, up of 9% to prior fiscal.

The operating income of the parks in the third quarter increased 9% compared to the previous year to stand at $689 million. This performance is particularly attributed to the good performance of both Walt Disney World Resort in Florida and Disneyland Resort in California. Internationally, Disney stated that Tokyo Disney Resort and Hong Kong Disney Resort have performed well, Disneyland Paris being the only unit of the group that recorded a decline of its revenues in the third quarter. For the first nine months, global operating income for the parks and resorts segment rose 17% to $1.65 billion.

In the United States, the increase in operating income was driven by a combined increase in average spending per guest, in hotel occupancy rates, and in attendance (+3%). During the earnings conference call, TWDC Senior Executive Vice President and Chief Financial Officer Jay Rasulo has notably stated that the Magic Kingdom had reached record levels in terms of attendance during the quarter. In addition, both Walt Disney World Resort Disneyland Resort have noted a 7% increase in the number of foreign visitors, a positive sign for the fourth quarter. The company said the forecast for the fourth quarter is good, with bookings of stays up 3% at this time.

Investments over the first 9 months of the year totaled $1.37 billion versus $2.3 billion in the previous year that included the opening of Cars Land in California.

Significant new guest offerings in FY 2013 include the MyMagic+ initiative.

The increase in average spending per visitor is mainly due to higher spending in food and beverage, but also due to higher average ticket prices. Effective early June, prices indeed increased 1 to 15% depending on the parks, a 1-day admission to Magic Kingdom amounting now at $95 versus $89 before. According to Bob Iger, the company didn't sense any backlash from the marketplace at all, which reinforces Disney's dared choice considering that the shadow of the economic crisis still looming over tourist activities in North America.

Results were partially offset by higher costs, including related labor costs and spending on new guest offerings. Significant new guest offerings include the MyMagic+ initiative (read our previous article), the Disney's Art of Animation Resort and the expansion of the themed area Fantasyland at Magic Kingdom. Investments over the first 9 months of the year totaled $1.37 billion versus $2.3 billion in the previous year, which was marked by the acquisition of a new ship for the Disney Cruise Line fleet, the construction of Disney's Art of Animation Resort and the expansion of Disney California Adventure.

Disney is currently working on several large projects for its theme parks, plans especially related to the universe of Avatar, Marvel, Pixar and Star Wars of which it now holds the rights since the purchase of Lucasfilm at the end of 2012. According to Bob Iger, the new franchises have obvious value to the business development of the company in all of these areas of activity, including for its theme parks in both the United States and internationally.

* Dates of Third Quarter: April 1 to June 29, 2013
** According to the annual ranking of amusement park attendance levels conducted by the TEA and AECOM

Walt Disney Parks & Resorts - Walt Disney World Resort - Magic Kingdom - Disneyland Resort - Tokyo Disney Resort - Hong Kong Disneyland Resort - Euro Disney S.C.A. - Disneyland Paris - Attendance - Financial Information - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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