- Disney said the the Covid-19 outbreak cost its Parks, Experiences and Products segment around $3.5 billion in lost operating income in its fiscal third quarter.
- Revenue for the segment fell 85%.
- Disney also saw decreases in its merchandise licensing and retail businesses.
While Disney was able to reopen most of its international theme parks in recent months, the continued closure of Disney World and Disneyland in the U.S. resulted in a big financial hit.
On Tuesday, the company said the Covid-19 outbreak cost its Parks, Experiences and Products segment around $3.5 billion in lost operating income during its fiscal third-quarter.
That unit includes all six of Disney's international theme parks, its cruise lines, hotels and tours, as well as its merchandise.
In the quarter, which ended June 29, Disney reported an 85% drop in this segment, with revenue falling to $1 billion.
While parks in Shanghai, Hong Kong and Japan were able to reopen during the quarter, most of Disney's parks business comes from its U.S. locations. Disney World in Florida reopened in July, after the quarter ended. Disneyland in California has not yet set opened back up, as the state government hasn't provided reopening guidelines for amusement parks.
Disneyland in Paris reopened in July.
Disney also reported declines in merchandise licensing and its retail business, further weakening operating results, as its stores were closed for most of the quarter.