ORLANDO, Fla. – Walt Disney Co. released its earnings report Tuesday for the first fiscal quarter of 2017, which includes the final three months of 2016.
Earnings were mixed for Walt Disney Co. Profit at the parks went up, despite a 5 percent drop in attendance, due to guests spending more on food and other items at the parks.
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Last year at this time, Disney was celebrating the 60th anniversary at Disneyland in California. The company said this reflects the difference in attendance.
“The growth in the quarter was unfavorably impacted by Hurricane Matthew at our domestic operations and a shift in the timing of the New Year’s holiday relative to our fiscal periods,” according to a news release.
Revenue was down 3 percent from the same time last year and operating income was also down $311 million.
Disney also announced Tuesday, during the quarter one call, the opening date of the new Animal Kingdom land, “Pandora-The World of Avatar.”
Despite fewer hotel stays at Disney resorts, hotel occupancy was 91 percent for the quarter.
After the quarter one results were announced, Disney stock dropped 2 percent.