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Disney released its fiscal 2022 first quarter results, beating analyst expectations in earnings per share, revenue and Disney+ subscriptions. US theme park revenue went from $1.4 billion in the same quarter last year, to $4.8 billion. International theme park revenue went from $378 million to $861 billion. The entire parks, experiences and products segment had income of $2.45 billion, up from a loss of $119 million last year. From the press release:
Disney Parks, Experiences and Products revenues for the quarter increased to $7.2 billion compared to $3.6 billion in the prior-year quarter. Segment operating results increased by $2.6 billion to income of $2.5 billion compared to a loss of $0.1 billion in the prior-year quarter. Operating income for the quarter reflected increases at our parks and experiences businesses, partially offset by a decrease at our consumer products business.
Operating income growth at our domestic parks and experiences was due to higher volumes and, to a lesser extent, increased guest spending, partially offset by higher costs. Higher volumes were due to increases in attendance, occupied room nights and cruise ship sailings. Cruise ships operated at reduced capacities in the current quarter while sailings were suspended in the prior-year quarter. Guest spending growth was due to an increase in average per capita ticket revenue, higher average daily hotel room rates and an increase in food, beverage and merchandise spending. The increase in average per capita ticket revenue was due to attendance mix and the introduction of Genie+ and Lightning Lane. Higher costs were due to an increase in operating costs, due to volume growth, and higher marketing spending. Our domestic parks and resorts were open for the entire current quarter, whereas Disneyland Resort was closed for all of the prior-year quarter, and Walt Disney World Resort operated at reduced capacity due to mandatory COVID-19 restrictions.
The increased operating income at our international parks and resorts was due to growth at Disneyland Paris and Hong Kong Disneyland Resort. Results at Disneyland Paris were due to increases in attendance and occupied room nights, partially offset by higher operating costs. Growth at Hong Kong Disneyland Resort was driven by higher attendance. Disneyland Paris was open for the entire current quarter while only open for 26 days in the prior-year quarter. Hong Kong Disneyland Resort was open for 68 days in the current quarter compared to 42 days in the prior-year quarter. Shanghai Disney Resort and Tokyo Disney Resort were open for the entire quarter in both the current and prior years. Certain of our international operations continue to be impacted by COVID-19-related capacity and travel restrictions.
Lower results at our consumer products business were due to the closure of a substantial number of Disney-branded retail stores in North America and Europe in the second half of fiscal year 2021.
Read analysis from CNBC.
The first demand is "#1- TALKING HEADS on ALL Characters" and I for one will immediately book my flight if they roll out a David-Byrne-in-a-big-suit meet & greet.
Long live the magic!
What a time to be alive. Entitled people are entitled to visit Disney, white people want laws so they don't feel uncomfortable about racism, and don't say "gay" in school.
Jeff - Editor - CoasterBuzz.com - My Blog
It's amazing how many people confuse "Disney is a company that makes money by selling happiness" with "Disney wants me, personally, to be happy."
It truly amazes me when people don't realize companies like Disney are in this whole thing to make money, the genuine belief that they exist purely to "make magic"
"Walt wanted a place where families from all walks of life could come and enjoy themselves, now it's only for the rich"
I mean, lots of people can go and enjoy themselves, but people want to experience IT *ALL* without paying for it all. It costs money to create "magic", and the more "magical" stuff gets, the more money it requires.
He may have wanted people to be able to come and enjoy, but that doesn't mean everyone gets to enjoy "equally".
There's also some pretty good evidence that ol' Walt was a dyed-in-the-wool capitalist who wanted to price out the riff raff when it came to Disneyland.
It’s always interesting that these nuts think that because they think it’s too expensive that only the “rich” can afford it.
Re: riff raff, that's always been an unspoken Disney strategy.
Jeff - Editor - CoasterBuzz.com - My Blog
I think that's touching on another potential reason why folks are so upset, but it gets fairly deep in the sociological weeds: a class-conscious, performative, aspirational form of consumption. Trouble is, if you can't consume that way anymore, it lays bare the reality that the consumption was, well, aspirational. The "I stretch to come once a year" guy may be squarely in that reality.
I suspect this essay was what got me thinking along those lines. It might have been something else, but this is a good start.
https://tressiemcphd.medium.com/the-meltdown-crisis-dda5c3ff51a5
bigboy said:
It’s always interesting that these nuts think that because they think it’s too expensive that only the “rich” can afford it.
That is a pretty common definition of "rich" though: someone who makes/is worth $x more than me. And I don't think Abigail shares the view that great uncle Walt was a capitalist. LOL
I've been continually climbing that income ladder my entire career, and even at this point closer to the end than the beginning, I've never felt "rich." I don't even know what that means. To me it would mean having choices to do whatever you want, and I'll never be there until retirement. Even then, it will have its limitations, I just don't need to show up to work anymore.
Meanwhile, a coworker was telling me today that he's paying $200 a day for a lift ticket for skiing. That's just a chair lift, in the cold, for $200. But tell me again how Disney is relatively expensive.
Jeff - Editor - CoasterBuzz.com - My Blog
Jeff said:
I've never felt "rich." I don't even know what that means.
Obviously, you don't have enough plaid shirts. Or was it flannel? I can't remember now.
I remember an editorial written by a family's "head of household" living where the Obamas lived in Chicago. They said that they were living paycheck to paycheck and that their taxes were too high, it just wasn't fair you see. They listed their expenses. They had a landscaper, two luxury cars (in urban Chicago), kids were in private school, etc. My wife and I settled on our house because it was nice and we could afford the mortgage without sacrificing travel and such (< 10 years away from paying it off). We have a car with 100k miles because it still works and we don't need a new one.
All that to say that I'll consider myself "rich" when I can live where I want and buy whatever I want.
Jeff said:
Meanwhile, a coworker was telling me today that he's paying $200 a day for a lift ticket for skiing. That's just a chair lift, in the cold, for $200. But tell me again how Disney is relatively expensive.
There's no denying that skiing is expensive. Theme parks are a good value comparatively based on hours used alone. But just like theme parks, paying full price is for chumps. I would have paid $1,240 so far this season if I would have paid full price.
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