Disney revealed that the financial impact due to the closure of its theme parks resulted in a fiscal quarter loss of $3.5 billion
The Walt Disney Co. on Tuesday revealed that the financial impact due to its theme parks around the globe being shuttered amid the novel coronavirus pandemic resulted in a fiscal quarter loss of $3.5 billion.
"Parks, Experiences and Products revenues for the quarter decreased 85 percent to $1.0 billion, and segment operating results decreased $3.7 billion to a loss of $2.0 billion," according to the Tuesday fiscal report. "Lower operating results for the quarter were due to decreases at both the domestic and international parks and experiences businesses and to a lesser extent, at our merchandise licensing and retail businesses.
Disney CFO Christine McCarthy noted that the surge in Florida virus cases hurt airline travel, which did impact the company's initial park projections. Nonetheless, the company is seeing a "positive net contribution" from Disney World being reopened at reduced capacity, she noted.
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