Posted
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.
TheMillenniumRider said:
Also, potter is certainly on par with many Disney lands.
I don't know much about HP, and I think I've only see one of the movies once with an ex. But even I am impressed with the rides and immersive environments in the lands. Those two lands are proof that your guests doesn't have to be a fan of the IP to have an enjoyable experience. That being said I am still mad JAWS is gone.
-Chris
It's totally fine if some fraction---and maybe even a large fraction---of Disney guests are one-and-done. The world keeps making families with school-aged kids, and it will take a big cultural shift to remove the Mouse from its perch as a rite-of-passage for a certain slice of Americana. Until that happens, families will still make their pilgrimage to Mickey.
I suppose that depends on the park, it is much more common for Land to be repeat local visitors, the pilgrimages seem to happen to World instead. Both parks are well packed, so I don't know that it makes a difference in type of visitor.
Disney will likely remain packed at most any price point or regardless of most decisions they make. Their demand appears largely inelastic outside of major world events.
Some of this conversation is starting to remind me of the debate we heard late 80s when Universal was making its original foray into Orlando. There was a lot of focus on market share but what I remember specifically was a Disney executive saying that it was going to drive more creativity...and no doubt it has. The two original parks (Hollywood Studios and Universal) had similarities but one could argue that IOA is what really poured fuel on the fire and both companies have been upping their games every since.
I'm not a Potter fanatic but I enjoyed the stories with my (then) young son and we enjoyed visiting once the Potter-land opened. I'm not a fan at all of Avatar but Pandora at AK is incredible (setting aside the awful Navi River Adventure) and that level of immersive detail may not have happened without Potter.
The biggest problem with Epcot and Magic Kingdom is the Disney fanatics themselves who fret about every small (let alone large) change that happens in those parks. For a time Disney seemed to almost freeze their decision making for fear of alienating the core followers. They are now seeing that core is the vocal minority that they probably should worry less about. Take the handcuffs off and push the envelope of creativity.
I'm a core follower of EPCOT, and I certainly miss things, but I'm excited to see where "future world" goes from here. The only thing I actively despise is that dumpster fire they're showing on the lagoon. Those giant tacos and stargate are absolutely hideous, and the show is a disaster, in my eyes.
I know a lot of people love it, but I can't get behind it.
I haven't seen the show yet but I admit to being shocked by the abrupt intrusion in the lagoon. I read somewhere that those set elements were intended to be floated in and out for the performances but that they were too heavy and too time consuming to move.
I'm not sure I get the "Moana" inspiration for the Future World updates but that they are softening the concrete jungle isn't the worst thing in my eyes. I'm rarely at Epcot when there isn't an event so I find myself back in World Showcase for more significant chunks of my time. With that...I would like to see a reinvention of that area that included other methods of getting around. A boardwalk across/through the lagoon (see Disney Springs) might make the Friendship Boats obsolete but the midway crowds get a little claustrophobic for me. Good problem for Epcot but not fun as a guest.
Vater said:
Magic Kingdom is the only Disney park I've been to, so Future World "rotting" I guess is the only thing that might be cause for concern (if that would even be something I'd be concerned about).
Heh. I just realized I was thinking of Tomorrowland when I typed this. Never went to Epcot, so this would be even less of a concern.
Usually, when the crowds start getting a bit thick in World Showcase (where we spend most of our time, as well), we tend to bounce back to the Boardwalk/resorts for some pool or lounge/drink time, and coke back in the evening
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.
I just renewed my U-M football season tickets. Eight home games. I get a (very modest) faculty discount, and sit in a section with the lowest required "donation" in addition to the renewal cost. But, the pair of season tickets was cheaper than two 7-day parkhopper tickets to WDW that cover our spring break trip next month.
I admit to being surprised by that.
I was on the Six Flags thread and linked to an old thread from 2007 via a Gonchback and read this:
https://coasterbuzz.com/Forums/Topic/theme-parks-cost-cutting--lowe...e/2#623691
And for once, part of a Gonchback is incorrect:
2007 Gonch said:
Secondly, by the time 2012, 2017, 2027 rolls around, these hours will have been in place for 5, 10 or 20 years or more and will just be normal. No one will see 'reduced quality' because it's just how it is and how it's always been.
If there's one thing these Disney folks love to do, it's complain that there is reduced quality and things are not how they've always been.
That said, he's still got a 99.9% success rate.
Well, it seems like you're applying a broad industry statement to a very specific subset of customers. A subset that we've all agreed are so far out of touch with reality that we post their rants and laugh at them.
Not sure I deserve the L on that one. 🤷
wahoo skipper said:
The biggest problem with Epcot and Magic Kingdom is the Disney fanatics themselves who fret about every small (let alone large) change that happens in those parks.
Did anybody else see the outrage that resulted when they temporarily installed a plain red light bulb at Disneyland, probably because they simply didn't have a red-and-white bulb prepared for installation when the old one burned out?
--Dave Althoff, Jr.
/X\ _ *** Respect rides. They do not respect you. ***
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