Euro Disney Posts Higher Fiscal Year Loss Amid Investments
NEW YORK - Euro Disney, the operator of the Disneyland Paris theme park, on Wednesday reported mixed full fiscal year financials as revenue rose, but the firm's bottom line loss also increased.
The Walt Disney Co. owns a 39.78 percent stake in the company.
For the fiscal year ended Sept. 30, the company reported revenue of 1.30 billion euros, up from 1.28 billion euros in the previous year. But Euro Disney's loss also rose from 45.2 million euros to 63.9 million euros amid higher costs and expenses and increased depreciation and amortization.
Theme park attendance for the year improved from 15.0 million to 15.6 million, while average spending by guest rose from 45.30 euros to 46.23 euros. Euro Disney's hotel occupancy rate and average spending per room also improved.
"Our resort revenues increased by 5 percent, reflecting growth in both guest spending and resort volumes," said Euro Disney CEO Philippe Gas. "In fact, we grew our attendance in most of our key markets, by 600,000 overall to 15.6 million, even as our summer season was impacted by the weaker European economic environment."
He added: "This past year we further invested in enhancing the overall guest experience, by introducing longer park operating hours, adding new entertainment and improving the appearance of our guest facing assets. Although these investments increase our costs, they are critical to maintain our long-term attractiveness as Europe's number one tourist destination."
The company highlighted that in the upcoming year it will celebrate its 20th anniversary, beginning in April.