The Walt Disney Company today reported a 3 percent increase in revenues over last year during its quarterly earnings report.
Robert A. Iger, Disney chairman and CEO, credited the growth with a strong performance from its Parks and Resorts divisions.
Parks and Resorts revenues for the quarter increased 9 percent to $4.3 billion and segment operating income increased 20 percent to $750 million, according to the report. Operating income growth was due to the opening of Shanghai Disney Resort in the third quarter of the prior year and an increase at Disney’s domestic parks and resorts.
Disney’s domestic parks and resorts showed increased attendance and guest spending on food and beverage, as well as higher operating income from Disney Springs. These increases were partially offset by higher costs like labor and higher expenses for new guest offerings.
“Our continued strong performance is a direct result of our proven strategic focus on great branded content, innovative technology and global growth,” Iger said. “We’re pleased with our results in Q2 and remain confident in our ability to continue to deliver significant shareholder value over the long term.”