Disney reported a 10 percent year-over-year increase in profits. The company earned net income of $2.1 billion on revenues of $12.5 billion. Earnings per share rose 14 percent from the same time period last year, to $1.23. Analysts expected earnings per share of $1.11 on $12.3 billion in revenue.
The parks-and-resorts division reported a 6 percent boost in revenue to $3.8 billion. Operating income soared 24 percent to $566 million. In the United States, that hike in operating income came largely from a 7 percent increase in guest spending and higher attendance at Walt Disney World. Sales of units at Disney's new Polynesian Villas & Bungalows time-share development drove growth as well.
The MyMagic+ technology program also contributed to Disney's bottom line, company executives said. About half of Disney World visitors now use MagicBands."MyMagic+ as a driver going forward, I think it will still be a factor, but perhaps not with as great as an impact as we have seen in this quarter,".
Retail sales for "Frozen" merchandise were more than 10 times higher than the same period last year.