Disney parks division reports massive increase in revenue and profit

Posted | Contributed by Jeff

Economists have long watched Disney’s theme parks as informal barometers of consumer confidence. Historically, when budgets get tight, families cut back on trips to Disney World in Florida and Disneyland in California. That does not appear to be happening: Disney Parks, Experiences and Products reported quarterly revenue of $7.4 billion, up from $4.3 billion a year earlier, and an operating profit of $2.2 billion, up from $356 million. Disney’s 22 domestic hotels had an occupancy rate of 90 percent in the quarter, Christine M. McCarthy, Disney’s chief financial officer, told analysts on the conference call. Bookings for the rest of the year are “roughly in line” with prepandemic levels, she added, and park attendance on “many days” has exceeded 2019 levels.