BURBANK, Calif. – The Walt Disney Company today reported earnings for its fourth quarter and fiscal year ended September 27, 2014. Diluted earnings per share (EPS) for the fourth quarter increased 12% to $0.86 from $0.77 in the prior-year quarter. Excluding certain items affecting comparability(1), EPS for the quarter increased 16% to $0.89 from $0.77 in the prior-year quarter. Diluted EPS for the year increased 26% to $4.26 from $3.38 in the prior year.
Excluding certain items affecting comparability(1), EPS for the year increased 27% to $4.32 from $3.39 in the prior year. “Our results for Fiscal 2014 were the highest in the Company’s history, marking our fourth consecutive year of record performance,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company.
“We’re obviously very pleased with this achievement and believe it reflects the extraordinary quality of our content and our unique ability to leverage success across the Company to create significant value, as well as our focus on embracing and adapting to emerging consumer trends and technology.”
Parks and Resorts
Parks and Resorts revenues for the quarter increased 7% to $4.0 billion, and segment operating income increased 20% to $687 million. Operating income growth for the quarter was due to an increase at our domestic operations, partially offset by a decrease at our international operations. Higher operating income at our domestic operations was driven by increased guest spending and attendance, partially offset by higher costs and lower vacation club ownership sales.
The increase in guest spending was primarily due to higher average ticket prices for theme park admissions and for sailings at our cruise line and increased food, beverage and merchandise spending. Higher costs reflected increased costs for MyMagic+ and the absence of an offset in the prior-year quarter from a property sale, partially offset by lower pension and postretirement medical costs. Decreased vacation club ownership sales reflected the prior-year success of The Villas at Disney’s Grand Floridian Resort & Spa, for which sales commenced at the end of the third quarter of fiscal 2013.
The decrease at our international operations was due to lower operating performance at Disneyland Paris, higher pre-opening expenses at Shanghai Disney Resort and the impact of a weaker yen on our royalties from Tokyo Disney Resort. Lower operating income at Disneyland Paris was driven by higher operating and marketing costs and lower attendance, partially offset by increased guest spending, due to higher average ticket prices, and higher real estate sales.