Walt Disney Parks & Resorts Revenue Increases 26%
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The Walt Disney Company today reported earnings for the quarter and six months ended April 2, 2005, its report boasting a 26% increase in parks and resorts revenue to $2.1 billion during the quarter, while segment operating income increased 3% to $193 million. The consolidation of Euro Disney and Hong Kong Disneyland contributed $303 million of the increase in revenue and reduced operating income by $44 million. Excluding the consolidation impact, revenue grew $124 million, or 7%, and segment operating income increased $49 million, or 26%. The growth was primarily due to increases at Walt Disney World driven by higher guest spending and increased hotel occupancy.Increased spending at Walt Disney World reflected ticket price increases and fewer promotional offers driven by increased product demand reflecting the ongoing recovery in travel and tourism and the popularity of Disney as a travel destination. Higher occupancy at Walt Disney World was partially driven by the reopening of approximately one thousand rooms in the French Quarter portion of the Port Orleans hotel late in the second quarter of the prior year. Costs and expenses increased $422 million for the quarter, of which $347 million was due to the consolidation of Euro Disney, and to a lesser extent, Hong Kong Disneyland, which incurred approximately $13 million of pre-opening and other costs. The remaining increase of $75 million was driven by higher volume-related expenses and fixed charges and increased information technology services at Walt Disney World.
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