Up to 50% Of Guests Purchasing Genie+ And Other Earnings Call Tidbits
News - WDC 10-Feb-2022
The Walt Disney Travel company announced their Q1 2022 earnings yesterday, and CEO Bob Chapek also later appeared on CNBC. Some interesting tidbits include that The Walt Disney Company earned $7.23B in their Disney Parks, Experiences and Products segment - $1 billion higher than analysts were hoping for. In regards to the parks, Disney executives said the following:
Attendance trends are still getting stronger, Chief Financial Officer Christine McCarthy amplified. It was up by double digits vs. Q4 at Disneyland and Walt Disney World, and per-capita spending was up 40% year-over-year, amid higher outlays on food, beverages and merchandise.
That's exceeding pre-pandemic levels now, impressive even as the company continues to manage attendance tied to the COVID-19 pandemic, she notes.
He says park capacity is a complex issue. Disney is seeing really strong domestic demand mitigated somewhat by a "lagged" return from international markets, unsurprising because of the long booking time for global trips. Disney is still managing density, mainly in things like parades and fireworks shows. "I suspect that over time we'll start to regain some of the capacity drop-off that we're kinda self-imposing." Meanwhile, "because people spend so much time in the parks, the food and beverage component is a big one."
Other tidbits include:
CEO Bob Chapek then went onto say onn average, 33-50% of all guests are purchasing Disney Genie+. Genie+ was the primary reason for the company because able to increase their per capita ticket revenue.
Disney is "pleased with the demand" for Star Wars: Galactic Starcruiser before opening
Capacity is remaining lower due to staff shortages for Food & Beverage, and live entertainment. With some live entertainment not returning yet, more guests are wandering around the parks.
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