In this flyer photo provided by Walt Disney World Resort, guests will take a selfie on July 11, 2020 at Magic Kingdom Park at Walt Disney World Resort in Lake Buena Vista, Florida. July 11, 2020 is the first day of gradual reopening.
Matt Stroshane | Walt Disney World Resort | Getty Images
While Disney has been able to reopen most of its international theme parks in recent months, the continued closure of Disney World and Disneyland in the United States has led to great financial success.
On Tuesday, the company announced that the Covid-19 outbreak cost the Parks, Experiences and Products segment approximately $ 3.5 billion in operating losses in the third quarter of the fiscal year.
This unit includes all six Disney international theme parks, cruise ships, hotels and tours, and merchandise.
For the quarter ending June 29, Disney saw an 85% decline in this segment, with sales falling to $ 1 billion.
While the parks in Shanghai, Hong Kong and Japan reopened in the quarter, most of Disney's parking business comes from the United States. Disney World in Florida reopened in July after the end of the quarter. Disneyland, California has not yet resumed its opening because the state government has not provided guidelines for the reopening of amusement parks.
Disneyland in Paris reopened in July.
Disney also reported declines in merchandise and retail licensing, further weakening operating income as its businesses were closed for most of the quarter.