by Lacey Pfalz
Last updated: 10:05 AM ET, Thu February 8, 2024
The Walt Disney Company published its first-quarter earnings statement this week, and its experiences group, which comprises the domestic and international Disney parks, along with Disney Cruise Line, has seen sustained popularity that will grow as the company seeks to invest $60 billion into new projects over the next decade.?
This past year and month saw the debut of the World of Frozen at Hong Kong Disneyland Resort, Zootopia at Shanghai Disney Resort, the Journey of Water, Inspired by Moana at Walt Disney World, the Disneyland Hotel at Disneyland Paris and the Pixar Place Hotel at Disneyland Resort.?
The first fiscal quarter of the year ended December 30, 2023 for Disney. Domestically, its parks and experiences brought in $6.3 billion in revenue, over the $6.1 billion from the year before. Its operating income stayed the same, at $2.1 billion.
World of Frozen at Hong Kong Disneyland (Photo Credit: Disney)
While revenue grew, this is largely due in part to a higher interest in Disney Cruise Line. The parks revenue is somewhat lower than the year before (last year saw an increase in revenue due to Walt Disney Worlds 50th anniversary). Disney Cruise Line saw an increase in passenger cruise days and average ticket prices.?
Its international parks and experiences rose from $1.1 billion to $1.4 billion year-over-year, largely in part due to Hong Kong Disneyland Resort and Shanghai Disney Resort both being open as usual, as compared to 2023.?
Operating income for the international parks also rose, from $0.1 billion to $0.3 billion year-over-year, in large part due to the Chinese parks being fully operational, as well as global inflation.?
Our Experiences business posted strong Q1 results, with year over year operating income growth of 10% at Parks and Experiences and 4% at consumer products, said Hugh Johnston, CFO for The Walt Disney Company. Record-setting results this quarter were primarily driven by our performance at Shanghai and Hong Kong theme parks; continued strength at Disney Cruise Line; and the success of Marvels Spider\Man 2 at our games business.
And segment margins expanded by over 50 basis points versus the prior year C an achievement delivered despite tough comparisons at Walt Disney World coming off its highly successful 50th anniversary celebration in the prior year, and significant cost pressures driven? by wage increases.
In 2024, Disney Parks & Experiences will unveil a full slate of exciting new developments as it seeks to continue positive growth worldwide.?
On June 6, Tokyo Disney Resort will unveil its Fantasy Springs, with inspiration from Frozen, Peter Pan, Tangled and other beloved movies. Also in June is the debut of Disney Lookout Cay at Lighthouse Point, Disney Cruise Lines private island experience.?
Disney Vacation Club will unveil new club cabins at Fort Wilderness Resort on July 1. The Disney Treasure, DCLs new cruise ship, will set sail on its maiden voyage on December 21, 2024. Disney Vacation Club at Polynesian Resort will debut in late 2024.?
Also slated for this year, but without a set date, is Tianas Bayou Adventure at the domestic parks, new Star Tours characters and stories at Disneyland Paris and the domestic parks, and a new EPCOT CommuniCore Hall and Plaza at Walt Disney World Resort.?
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