Euro Disney Reports Weaker First-Half Financials
The operator of the Disneyland Paris theme park, in which Walt Disney owns a 39.8 percent stake, posted lower revenue and a widened loss, citing "continued economic softness."
Euro Disney on Tuesday reported weaker financials for the first half of its fiscal year.
The operator of the Disneyland Paris theme park, in which the Walt Disney Co., owns a 39.8 percent stake, posted lower revenue and a widened loss for the six months period ended March 31, citing "continued economic softness."
The company reported a loss of $176 million (126.2 million euros) compared with a year-ago loss of $151 million (108.4 million euros). Revenue of $743 million (533.3 million) was down 6 percent.
Average spending per guest rose 2 percent to $65.23 (46.83 euros), but attendance declined from 6.7 million to 6.3 million.
The results "were again marked by the continued economic softness in Europe, as well as a shift of the Easter vacation period into the third quarter," said Euro Disney CEO Philippe Gas. "These elements drove lower resort volumes, which impacted our results."
However, he touted the increase in average guest spending and satisfaction: "This demonstrates the relevancy and consistency of our strategy of investing in the guest experience."
In July, the company will open a new attraction inspired by Pixar movie Ratatouille.
Saudi billionaire Prince Alwaleed owns a 10 percent stake in Euro Disney.