Disney has announced today that Disney Parks, Experiences and Products has lost a record $2.2 billion in the fourth quarter of this fiscal year. Although the Parks experienced a record loss, the company overall saw a profit of $14 billion.
Here’s the release:
Parks, Experiences and Products revenues for the quarter decreased 61% to $2.6 billion, and segment operating results decreased $2.5 billion to a loss of $1.1 billion. Lower operating results for the quarter were due to decreases at both the domestic and international parks and experiences businesses.
As a result of COVID-19, Disneyland Resort and our cruise line business were closed for all of the current quarter. Shanghai Disney Resort re-opened in May, while Walt Disney World Resort and Disneyland Paris re-opened in mid-July and Hong Kong Disneyland Resort was open for about two weeks at the beginning of the quarter and about one week at the end of the quarter. All of our re-opened parks and resorts operated at significantly reduced capacities during the current quarter.
We estimate the total net adverse impact of COVID-19 on segment operating income in the quarter was approximately $2.4 billion.
