It's no wonder Mickey & Minnie Mouse are looking so happy, as Disney Parks are generating a LOT of cash!
The Walt Disney Company has released its fourth quarter and full fiscal 2022 financial results this afternoon, Tuesday, November 8, 2022, and the figure will make your jaw drop!!
According to a filing by Disney, the Disney Parks division of the company posted $7.4 billion in the fourth quarter of 2022 and a whopping $28.7 billion in revenue for fiscal year 2022, which ended on October 1, 2022.
This amount is a 73% increase in revenue from fiscal 2021!
It shows that all the little price increases around the parks all add up and help increase revenue by such a large amount.
Here is today's statement from Disney:
Disney Parks, Experiences and Products revenues for the quarter increased to $7.4 billion compared to $5.5 billion in the prior-year quarter. Segment operating income increased $0.9 billion to $1.5 billion compared to $0.6 billion in the prior-year quarter. Higher operating results for the quarter reflected increases at our domestic and international parks and experiences businesses and, to a lesser extent, our merchandise licensing business.
Operating income growth at our domestic parks and experiences was due to higher volumes and increased guest spending, partially offset by cost inflation, higher operations support costs and costs for new guest offerings. Higher volumes were due to increases in attendance, cruise ship sailings, which included a benefit from the July 2022 launch of the Disney Wish, and occupied room nights. Cruise ships were operating during the entire current quarter while sailings resumed during the prior-year quarter and operated at reduced capacities. Guest spending growth was due to an increase in average per capita ticket revenue driven by the introduction of Genie+ and Lightning Lane in the first quarter of the current fiscal year.
Improved results at our international parks and resorts were due to growth at Disneyland Paris, partially offset by a decrease at Shanghai Disney Resort. Higher operating results at Disneyland Paris were due to an increase in volumes and higher average ticket prices, partially offset by higher operations support costs. Higher volumes were due to increases in attendance and occupied room nights. The decrease at Shanghai Disney Resort was due to lower average ticket prices driven by a higher mix of annual passholder attendees in the current quarter as a result of COVID-19-related travel restrictions.
Growth at our merchandise licensing business was primarily due to higher sales of merchandise based on Mickey and Friends, Encanto and Toy Story.
