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In The Walt Disney Co.��s seemingly never-ending game of corporate Whac-a-Mole, a new trouble spot has arisen: Americans have less money to spend on amusement, imperiling growth at Disney theme parks.
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Theme parks have taken on much greater financial importance at Disney over the past decade. They have been the ATMs that have paid for Disney��s costly expansion into streaming and picked up the slack for the company��s atrophying cable television business. Last year, Disney Experiences, a division that includes theme parks and cruise ships, contributed 70% of Disney��s operating profit, up from about 30% a decade ago.
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Bob Iger, Disney��s CEO, has called theme parks and cruise ships ��a key growth engine.�� Last year, Disney said it would spend roughly $60 billion over the next decade to expand its parks and to continue building Disney Cruise Line. Josh D��Amaro, chair of Disney Experiences, is expected to unveil an array of specific expansion projects Saturday at a fan convention in Anaheim, California.
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But there are reasons to worry that the U.S. economy could be headed toward a recession. In addition, the global postpandemic surge in travel is largely over.
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Iger has been trying to move Disney beyond a tumultuous period when activist investors sought to alter the company��s direction. Disney fended off the attacks, but its share price has fallen more than 25% since early April.
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The remainder of Disney��s quarter was solid. Companywide revenue increased 4% from a year earlier, to $23.2 billion, slightly above Wall Street expectations. Adjusted per-share income increased 35%, to $1.39, beating expectations by 20 cents. Disney lifted its full-year target for adjusted earnings growth to 30%. Disney previously told investors to expect 25%.
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Movies provided some of the quarterly upside. ��Inside Out 2,�� released in June, took in $1.6 billion worldwide and reversed a slump at Disney-owned Pixar. ��Kingdom of the Planet of the Apes,�� from Disney��s 20th Century Studios, was a hit in May, collecting nearly $400 million.
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