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Walt Disney Co (NYSE:DIS) recently announced a substantial lineup of projects for its parks and cruises, presenting these plans to 12,000 of its most loyal fans.
Despite the excitement surrounding these new offerings, the rising costs associated with a Disney trip have left many families needing help to afford the experience, especially in the current global inflation climate.
In an interview with CNN, Josh D’Amaro, Chairperson of Walt Disney Parks and Resorts, emphasized that the company will continue to offer as much access and flexibility as possible to ensure that a broad range of fans can experience the parks.
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According to a survey by Raymond James, the rapid price hikes over the past five years have taken many by surprise, and it appears unlikely that similar increases can continue at the same pace over the next five years.
In its August 7 earnings report, Disney noted that domestic park attendance fell short of expectations, reflecting visitors’ becoming more cautious with their spending.
Revenue from U.S. parks and experiences grew by 3% year over year in the third quarter to $5.82 billion. The international sales increased 5% year over year to $1.60.
U.S. parks profits declined during the last quarter, from April to July, and Disney CFO Hugh Johnston indicated that the company could see similar results for the next few quarters.
Tom Bricker, co-founder of DisneyTouristBlog.com, told CNN that Disney’s ambitious $60 billion investment in parks and cruises over the next decade could focus on new parades, shows, and discounts as it works to keep attendance strong, particularly with new attractions still under construction.
Price Actions: DIS stock is trading lower by 0.33% at $88.50 premarket at the last check on Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Posted In: DIS
