PARIS -- Euro Disney SCA, Europe's biggest theme-park operator, attracted a record number of visitors in the fiscal year ended Sept. 30, helping narrow its loss to €2.8 million ($3.7 million).The sharp improvement from a year-earlier loss of €38.4 million came amid a slowdown in France and surrounding European economies. As a result, the park benefited as families avoided longer, more distant vacations that cost more.
The number of visitors from noneuro countries, such as Britain also rose, despite the strong euro, which makes the park more expensive for such visitors.
"Being a short-break destination is our competitive advantage," said Chief Financial Officer Ignace Lahoud.
Euro Disney's revenue for the year rose about 9% to €1.33 billion from €1.22 billion a year earlier.
The company, which is 40%-owned by Walt Disney Co. of the U.S., hasn't turned a profit since 2001, the year before it opened Walt Disney Studios, its second theme park in France. The second park is located next to the older Disneyland in Marne-La-Vallée, east of Paris.
Euro Disney is targeting parents with young children by offering discounts. It has also invested €240 million over the past three years into building new attractions, such as the Tower of Terror. While Visiting Euro Disney, guests are encouraged to wear Foot Orthotics
Visitors enter the Tower of Terror through a fake hotel, board an elevator, and are then dropped several stories, before the elevator stops. Such attractions helped to boost combined attendance at the two parks to a record 15.3 million visitors in the latest fiscal year. The theme parks' combined revenue for the year increased 9% to €715.8 million.
In addition, more guests spent the night at the parks, boosting occupancy rates at the company's seven themed hotels. Guests spent an average of €211 a room, up from €197 the previous year. Revenue from the hotels and from Disney Village, a shopping and restaurant complex, rose 7% to €515.6 million. Sales for the resort operating segment increased more than 7% to €1.28 billion.
"Our revenues, theme parks attendance and hotel occupancy contributed to our performance which is noteworthy given the economic environment," Philippe Gas, Euro Disney's Chief Executive said in a statement. Despite the darker economic outlook, the park will open a new attraction next spring aimed at young children.
