Disney’s theme park division returned to profitability for the first time since the pandemic began, the company reported Thursday, as all of its parks were reopen during the fiscal third quarter and attendance and consumer spending rose.
Revenue at Disney’s parks, experiences and products segment jumped 307.6% to $4.3 billion, up from $1.06 billion during the same period last year.
Disney’s domestic parks eased restrictions in April, which led to a boost in attendance. While guest capacity wasn’t at peaks seen before the pandemic, it’s improving as mask mandates were loosened during the quarter.
In each of the previous five quarters, Disney has reported a loss in operating income in the segment because of the Covid-19 outbreak. During the third quarter, the company’s operating income from parks, experiences and products reached $356 million, compared with a loss of $1.87 billion during the same quarter last year.
The resurrection of the theme park industry is critical to Disney’s bottom line. After all, in 2019, the segment, which includes cruises and hotels, accounted for 37% of the company’s $69.6 billion in total revenue.
