On Thursday The Walt Disney Company announced its financial results for the 4th quarter and full fiscal year ending September 30, 2013. The news was good for Disney Vacation Club and the company as a whole.
For the 4th quarter of Disney's fiscal year, revenues rose 7% compared to the prior year with profits up 12%. For the full fiscial year, revenues have increased 7% and profits 8%. Disney's media holdings--particularly ESPN--are the largest driver of these increases.
The Parks & Resorts division reported a 15% profit increase for the quarter due higher attendance, higher prices and increased guest spending. Both Walt Disney World and Disneyland set attendance records during the fiscal year, although 4Q Disneyland attendance was down in comparison to the same period last year. Disney does not disclose specific attendance numbers for any of its theme parks.
Specific Disney Vacation Club financial data was not disclosed, but the division was cited as one of the drivers of the sales and revenue incrase for the quarter. Senior Executive VP and CFO Jay Rasulo stated that the Parks & Resorts increases for 4Q 2013 were aided by "continued growth at our domestic parks & resorts and Vacation Club sales at the Grand Floridian."
The Villas at Disney's Grand Floridian Resort & Spa was also referred to as a "higher margin property", undoubtedly due to its high nightly point costs and high purchase price.
Sales of the Grand Floridian commenced on May 23, 2013 at a price of $145 per point. On June 19 prices rose to $150 per point. These prices are a notable increase over the $120-130 prices (net of incentives) charged a year ago for Aulani, Disney Vacation Club Villas and Disney's Animal Kingdom Villas.
Additional earnings information and webcast of the quarterly investor call are available at www.disney.com/investors.
