According to a new report filed by The Walt Disney Company, the Disney Parks division of the company operated at a more than $1 billion loss in the first fiscal quarter of 2021, which ran from October through early January 2021.
Domestically, the theme parks posted a nearly $800 million loss, and international theme parks accounted for more than $260 million. Consumer products, which is part of the segment, regained more than $940 million to ensure that the segment operating income only saw a loss of $119 million.
In total, Disney estimates a $2.6 billion negative impact to expected income at the theme parks due to COVID-19 and resulting ongoing closures and capacity restrictions.
Disney Parks, Experiences and Products revenues for the quarter decreased 53% to $3.6 billion, and segment operating results decreased $2.6 billion to a loss of $119 million. 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 was closed and our cruise business was suspended in the current quarter. Disneyland Paris closed on October 30, 2020 and Hong Kong Disneyland Resort closed on December 2, 2020. Walt Disney World Resort and Shanghai Disney Resort were open in the current quarter. Our parks and resorts that were open during the quarter operated at significantly reduced capacities.
At our consumer products business, operating income growth was driven by an increase in games licensing revenue reflecting the release of Marvel’s Spider-Man: Miles Morales.
We estimate the total net adverse impact of COVID-19 on segment operating income in the quarter was approximately $2.6 billion.
We’ll have more on the first quarter report when the webcast goes live at 4:30pm est: https://thewaltdisneycompany.com/disneys-q1-fy21-earnings-results-webcast/
As always, keep checking back with us here at BlogMickey.com as we continue to bring you the latest news, photos, and info from around the Disney Parks!