Disney's theme parks and cruise division suffers $2bn loss
James ChappleDisney’s parks, experiences and products division – which includes its cruise operation – has posted a massive quarterly loss running to $2 billion.
Third-quarter revenue (three months to 27 June) fell 85% to $1 billion, the Walt Disney Company confirmed in a Q3 results statement issued late on Tuesday (4 August).
Its operating results, meanwhile, decreased by $3.7 billion to a loss of $2 billion due to the domestic (US) and international impact of Covid-19.
Disney estimates the total net impact of coronavirus on Q3 operating income across its parks, experiences and products division ran to approximately $3.5 billion.
"The impact of Covid-19 and measures to prevent its spread are affecting our segments in a number of ways, most significantly at parks, experiences and products," said Disney.
"We closed our theme parks and retail stores, some of which have now re-opened, suspended cruise ship sailings and guided tours, and have seen an adverse impact on our merchandise licensing business."
Disney said the hit was mitigated slightly by the reopening of Shanghai Disney Resort in May and Hong Kong Disneyland Resort in late June, although the latter was closed again in July.
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