Worth reading
71In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
169
¥100 million (year-on-year increase in net sales)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Financial Results PresentationFirst quarter of the fiscal year ending March 20278 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,807 million+10.4%
Operating profit¥477 million+23.1%
Ordinary income¥583 million+48.6%
Net income¥412 million+50.3%
Results for the three months of the current quarter
First-quarter results
Net SalesRevenue: ¥180.7 billion; operating profit: ¥47.7 billion; ordinary profit: ¥58.3 billion; net profit attributable to owners of the parent: ¥41.2 billion
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue and operating profit exceeded the initial forecastsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit from theme park operations
Increase in revenuePositive impact of higher revenue
Decrease in the cost ratio for merchandise and food and beverages¥600 million
Increase in personnel expenses−¥800 million
Increase in expenses related to the 25th-anniversary event at Tokyo DisneySea-¥600 million
Increase in entertainment-related expenses-¥400 million
Other-¥100 million
Decrease in depreciation expenses¥200 million
Revenue increase
- Higher attendance
- Increase in revenue per guest
- Increase attributable to the 25th-anniversary event at Tokyo DisneySea
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Investment plan for Disney Cruise Line Japan
Exchange rate
- ¥165/euro
- ¥155/dollar
New initiatives
- Holding the Tokyo DisneySea 25th Anniversary event
- Summer special events and sales of summer-limited tickets
- Adding higher-priced park tickets
- Adding eligible facilities for Disney Premier Access and revising some prices
- Renovation work on Disney hotel guest rooms
- Entering the Disney Cruise Line Japan business
- Fundamental review of the budgeting and management framework
Key KPIsA metric the company considers important as a management benchmark.
- Consolidated operating cash flow¥576 millionYear on year against the same period last yearRecord high
- Revenue per guestYear on year against the same period last yearRecord high
- Room occupancy rate95.2 %Year on year against the same period last yearUp 1.2 percentage points
- Average room rate¥67,036Year on year against the same period last yearUp ¥502, or 0.8%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- AttendanceYear on year against the same period last yearIncreased
- Revenue per guestYear on year against the same period last yearIncrease; record high
- Room occupancy rate95.2 %Year on year against the same period last yearUp 1.2 percentage points
- Average room rate¥67,036Year on year against the same period last yearUp 0.8%
Segment results
Theme park business
Net Sales¥147.4 billion (up 12.3% year on year)
Operating profit¥37.8 billion (up 29.3% year on year)
Hotel Business
Net Sales¥29.2 billion (up 2.7% year on year)
Operating profit¥9.2 billion (up 0.9% year on year)
Other Businesses
Net Sales¥4.0 billion (up 1.8% year on year)
Operating profit¥500 million (up 192.2% year on year)
Capital expenditures
¥362 100 million factors contributing to the increase in fixed assets at the end of the quarter
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥1,807 million (YoY +10.4%) |
| Operating profit | ¥477 million (YoY +23.1%) |
| Ordinary income | ¥583 million (YoY +48.6%) |
| Net income | ¥412 million (YoY +50.3%) |
| Results for the three months of the current quarter | Net Sales Revenue: ¥180.7 billion; operating profit: ¥47.7 billion; ordinary profit: ¥58.3 billion; net profit attributable to owners of the parent: ¥41.2 billion / Subject First-quarter results |
| Self-assessment against the plan | Revenue and operating profit exceeded the initial forecasts |
| Segment results | Theme park business Net Sales ¥147.4 billion (up 12.3% year on year) / Operating profit ¥37.8 billion (up 29.3% year on year) / Hotel Business Net Sales ¥29.2 billion (up 2.7% year on year) / Operating profit ¥9.2 billion (up 0.9% year on year) / Other Businesses Net Sales ¥4.0 billion (up 1.8% year on year) / Operating profit ¥500 million (up 192.2% year on year) |
| Breakdown of Factors Affecting the Change | Operating profit from theme park operations Increase in revenue Positive impact of higher revenue / Decrease in the cost ratio for merchandise and food and beverages ¥600 million / Increase in personnel expenses −¥800 million / Increase in expenses related to the 25th-anniversary event at Tokyo DisneySea -¥600 million / Increase in entertainment-related expenses -¥400 million / Other -¥100 million / Decrease in depreciation expenses ¥200 million / Revenue increase Higher attendance, Increase in revenue per guest, Increase attributable to the 25th-anniversary event at Tokyo DisneySea |
| Key KPIs | Indicator name Consolidated operating cash flow / Value ¥576 million / Year on year against the same period last year Record high, Indicator name Revenue per guest / Value Not disclosed / Year on year against the same period last year Record high, Indicator name Room occupancy rate / Value 95.2 % / Year on year against the same period last year Up 1.2 percentage points, Indicator name Average room rate / Value ¥67,036 / Year on year against the same period last year Up ¥502, or 0.8% |
| Unit price and quantity metrics | Indicator name Attendance / Value Not disclosed / Year on year against the same period last year Increased, Indicator name Revenue per guest / Value Not disclosed / Year on year against the same period last year Increase; record high, Indicator name Room occupancy rate / Value 95.2 % / Year on year against the same period last year Up 1.2 percentage points, Indicator name Average room rate / Value ¥67,036 / Year on year against the same period last year Up 0.8% |
| Assumptions Underlying the Business Outlook | Exchange rate ¥165/euro, ¥155/dollar / Subject Investment plan for Disney Cruise Line Japan |
| Capital expenditures | ¥362 100 million (factors contributing to the increase in fixed assets at the end of the quarter) |
| New initiatives | Holding the Tokyo DisneySea 25th Anniversary event, Summer special events and sales of summer-limited tickets, Adding higher-priced park tickets, Adding eligible facilities for Disney Premier Access and revising some prices, Renovation work on Disney hotel guest rooms, Entering the Disney Cruise Line Japan business, Fundamental review of the budgeting and management framework |
Items this document does not state (16)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesFull-year earnings forecastProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesOrders received and order backlogMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Revenue and profit increased due to the strong performance of the 25th-anniversary event at Tokyo DisneySea and increases in attendance and per-guest spending. Operating profit rose despite higher various expenses and labor costs, supported by higher revenue, lower merchandise and food-and-beverage cost ratios, and lower depreciation expenses. The company cited uncertainty regarding the impact of weather conditions and other factors as the reason for leaving its full-year forecast unchanged.
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