Disney reported its earnings for the 4th quarter of the 2010 fiscal year and the numbers found profit down 7% from the same period in 2009.
Overall company profits declined 7% compared to the prior year while profits at Disney's Parks and Resorts division were down 8%. Although no specifics were provided, Disney President and Chief Executive Officer Bob Iger and Chief Financial Officer Jay Rasulo singled out Disney Vacaction Club sales as being one reason for the decline.
Park performance was also impacted by a fiscal year calendar which left the 4th quarter of 2010 with one less week than the same quarter of 2009. Higher employee benefits obligations were also cited as a reason for the decline in profit.
Iger claims that desipite the bottom line numbers, attendance at Disney's California Adventure has risen 20% since June 2010. Per capita guest spending is reportedly up 6% and per-room hotel revenue is up by 5% as Disney is slowly backing away from heavy discounting which begain about 2 years ago.
Additional details can be found courtesy of the Orlando Sentinel.
