According to a new report filed by The Walt Disney Company, the Disney Parks division of the company operated at a $967 million loss in the second fiscal quarter of 2021, which ran from January through April 3, 2021.
Domestically, the theme parks posted a $587 million loss, and international theme parks accounted for $380 million, up from more than $260 million in Q1. Consumer products, which is part of the segment, regained more than $561 million to ensure that the segment operating income only saw a loss of $406 million – up from a loss of just $120 million in Q1.
Here is the latest from Disney:
Disney Parks, Experiences and Products revenues for the quarter decreased 44% to $3.2 billion, and segment operating results decreased $1.2 billion to a loss of $406 million. Lower operating results for the quarter were due to decreases at our parks and experiences business, partially offset by growth at our consumer products business.
As a result of COVID-19, Disneyland Resort and Disneyland Paris were closed and our cruise
business was suspended for all of the current quarter, whereas these businesses closed in mid-March of the prior-year quarter. Hong Kong Disneyland Resort was open for approximately 30 days during the current quarter, compared to approximately 25 days in the prior-year quarter. Walt Disney World Resort and Shanghai Disney Resort were both open in the current quarter. In the prior-year quarter, Walt Disney World Resort closed in mid-March and Shanghai Disney Resort closed in late January. 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 increases in merchandise and games licensing revenues. Growth in merchandise licensing revenues was driven by higher revenue from merchandise based on Star Wars, including The Mandalorian, Disney Princesses and Mickey and Minnie, partially offset by a decrease in revenues from merchandise based on Frozen. The increase in games licensing revenues was primarily due to the fiscal 2021 release of Marvel’s Spider-Man: Miles Morales and higher royalties from Twisted Wonderland, partially offset by lower royalties from Star Wars Jedi: Fallen Order.
We estimate the total net adverse impact of COVID-19 compared to the prior-year quarter was a decrease in segment operating income of approximately $1.2 billion.
We’ll have more on the second quarter report when the webcast goes live at 4:30pm est: https://thewaltdisneycompany.com/disneys-q2-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!