Disney's CEO Says Theme Park Segment Results Are Better in Fourth Quarter
When The Walt Disney Company (NYSE: DIS) temporarily shut the turnstiles to its theme parks to help slow the spread of the coronavirus, it was devastating to the business. The parks are a cash-generating engine and are a significant driver of the company's overall revenue and profit.
Fortunately for visitors and investors alike, all of Disney's theme parks are open again. In speaking about customer visiting patterns during a Sept. 21 presentation, Disney CEO Bob Chapek said the two domestic parks are doing better in its ongoing fiscal fourth quarter so far, compared to the third quarter, which ended July 3. This continues momentum from the third quarter, where the segment quadrupled revenue from the same time last year. This news should go a long way to assuage investor concern about slowing attendance as COVID-19 cases continue to rise in some parts of the world.
Image source: Getty Images.
Source Fool.com
