Every few months, we learn a little more about the Walt Disney Company’s financial standing during their quarterly earnings calls. In the past, we’ve heard updates on some big projects, seen trailers for upcoming films, and even learned more about Disney’s successes in the streaming business.
Disney’s quarterly earnings reports can provide lots of insight into Disney’s plans for the future — rides, movies, and even price increases. November 8th marked the Q4 earnings report for fiscal 2023, so let’s take a look at what Disney shared!
In the Q4 earnings report, Disney shared its latest park numbers revenue. So, let’s take a dive into these numbers.
Overall, Disney Parks, Experience, and Products revenues for the quarter were $8.6 billion, which is a 13% increase. Segment operating income decreased 31% to $1.759 billion from $1.342 billion last quarter.
Revenue did increase at both domestic and international parks, but the international parks saw the most significant increase. Disney attributed this growth to an increase in spending at Hong Kong Disneyland and Shanghai Disney Resort.
Disney World, though, isn’t doing as well financially as investors had hoped. In the earnings report, Disney noted that the poor financial results from the Florida parks were because of “accelerated depreciation related to the closure of Star Wars: Galactic Starcruiser” along with “lower guest spending driven by a decrease in average daily hotel room rates.”
Disney Parks executive Josh D’Amaro shared that the [Star Wars Hotel] project “didn’t perform exactly like we wanted it to perform.” That’s why the team at Disney felt like it was time to “sunset” it.
Overall, Disneyland Resort saw better financial results than Disney World, and Disney attributes that to “higher attendance, increased in guest spending primarily due to higher average ticket prices, and higher costs due to inflation.”
Disney says the increase in operating income was due to growth at Disney Cruise Line from higher prices and average passenger days, the closure of the Starcruiser, higher attendance at Disneyland, and more.
And there you have it! We’ll continue to keep you updated with any and all Disney news, so make sure to follow along for more.
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Are you surprised by Disney’s earnings report on the parks? Let us know in the comments.
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