Disney US theme parks help boost quarterly profits

Walt Disney’s experiences division reported a 13% rise in operating profit to $2.5 billion for the three months to June 28. 

Operating profit at US domestic parks rose 22% to $1.7 billion due to increased visitor spend, despite new competition in Orlando from Universal’s Epic Universe, which opened in May.

Walt Disney World in Orlando posted record revenue for the quarter, Hugh Johnston, Disney’s chief financial officer, told The Times. 

Disney expects operating income from the division which includes theme parks, cruise line and consumer products to increase by 8% in the financial year, which is at the top end of previous guidance.

The company said: “Operating results at our domestic parks and experiences increased compared to the prior-year quarter due to growth at our domestic parks and resorts and, to a lesser extent, Disney Cruise Line.”

This was due to higher volumes attributable to increases in passenger cruise days and occupied room nights. 

“Additional passenger cruise days reflected the launch of the Disney Treasure in the first quarter of the current year,” the quarterly results statement said.

However, increased costs were incurred, “primarily due to new guest offerings, including the fleet expansion at Disney Cruise Line”. 

Overall Walt Disney Company pre-tax profits rose by 4% year-on-year to $3.2 billion.

Chief executive Bob Iger said: “We have more expansions underway around the world in our parks and experiences than at any other time in our history. 

“With ambitious plans ahead for all our businesses, we’re not done building, and we are excited for Disney’s future.”