The Walt Disney Company has reported earnings for its fourth quarter and fiscal year ended October 1, 2022. Revenues for the quarter and year grew 9% and 23%, respectively.
Bob Chapek said the Parks, Experiences and Products segment posted record results, with revenues for the quarter increased 36% to USD 7.4 billion.
The company said improved results at its international parks and resorts were due to growth at Disneyland Paris, partially offset by a decrease at Shanghai Disney Resort, which saw higher losses.
The decrease at Shanghai Disney Resort was due to lower average ticket prices driven by a higher mix of annual passholder attendees in the current quarter as a result of COVID-19-related travel restrictions.
Chapek said the situation in Shanghai has recently been challenging. The park is currently closed, and there is no visibility to a reopening date.