Disney holds firm through restructuring and Galaxy's Edge park costs
by Andy Knaggs | 25 Nov 2019
Walt Disney Company's 2019 results reflect considerable change at the organisation / Shutterstock
– Bob Iger
Expenses associated with the establishment of Star Wars: Galaxy's Edge attractions at Walt Disney parks have been more than offset by higher average ticket prices and food, beverage and merchandise spending, according to Walt Disney Company's Q4 and full year financial results.
Disney's Parks, Experiences and Products segment showed improved revenue and operating income figures compared to 2018 equivalents, with revenue increasing by 8 per cent in the quarter to the end of September 2019, and by 6 per cent for the full 12 months. Those revenue figures were US$6.7bn (€6.1bn, £5.2bn) and US$26.2bn (€23.8bn, £20.5bn) respectively.
Operating income grew by 17 per cent in Q4, to reach US$1.4bn (€1.27bn, £1.1bn), and by 11 per cent over the whole year, to US$6.8bn (€6.16bn, £5.3bn).
Disney said there was higher guest spending at Disneyland Resort, despite lower attendance, while Walt Disney World achieved a comparable prior-year quarter, in spite of the adverse impact of Hurricane Dorian. There was increased guest spending, occupied room nights and attendance at the park.
Internationally, Disneyland Paris and the Shanghai Disney Resort achieved growth in operating income, while Hong Kong Disneyland Resort suffered decreases in attendance and occupied room nights, reflecting, the company said, "the impact of recent events", with the territory subject to substantial political protests throughout most of 2019.
Overall, Disney reported a 17 per cent increase in revenues across its 2019 year, accruing US$69.5bn (€63bn, £54.3bn). Meanwhile, total segment operating income, which the company said is its basis for evaluating performance, saw a negative growth of 5 per cent over the year, down to US$14.9bn (€13.5bn, £11.6bn). Included in the figures are considerable restructuring charges and amortisation of assets associated with Disney's purchase of Twenty-First Century Fox and subscription video on-demand service Hulu.
Describing the quarterly results as solid, Disney CEO Bob Iger commented: "We've spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering the extraordinary direct-to-consumer experience, and we're excited for the launch of Disney+ on November 12."
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Expenses associated with the establishment of Star Wars: Galaxy's Edge attractions at Walt Disney parks have been more than offset by higher average ticket prices and food, beverage and merchandise spending, according to Walt Disney Company's Q4 and full year financial results. Disney's Parks, Experiences and Products segment showed improved revenue and operating income figures compared to 2018 equivalents, with revenue increasing by 8 per cent in the quarter to
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