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Disney: Consumers Return to Disney World Big Time and Signals Suggest They Will Continue

Thomas Paulson
Aug 12, 2022
Disney: Consumers Return to Disney World Big Time and Signals Suggest They Will Continue

  • Disney reported extremely strong results for calendar 2Q22, especially for its Parks business. Management explicitly said that they are seeing ZERO evidence of any consumer pullback or building recessionary behavior.
  • Revenue at its domestic parks was $5.2B, up from $4.4B in the comparable period in 2019, and profits of $1.7B yielded a 31% profit margin (up from 27% in 2019). Those records were achieved with substantially lower international visitors, which typically stay longer and spend more. Additionally, Disney is still limiting admissions in order to maximize the guest experience and maximize yield. As such, admissions were below 2019.
  • Disney had no update on its commitment to the theatrical window for films. We expect them to stick to a six-week exclusive. Its recent Pixar film Lightyear was released in theaters on June 17, it then transitioned to Disney+ on August 3, representing a six-week window.

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Thomas Paulson

Director of Research and Business Development, Placer.ai

Thomas Paulson spent 20 years as a Wall Street analyst and a member of asset management teams at AllianceBernstein and Cornerstone Capital, representing top-50 ownership positions including Target, Home Depot, Nike, Amazon, Google, and many more.

He brings consumer related expertise and knowledge of enterprises in retail, CPG, financial services, telecom, and entertainment.

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