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Euro Disney’s Q3 gloomy

Third-quarter revenues down 1% to $315.4 mil

PARIS — Debt-ridden theme park operator Euro Disney lowered its fiscal full-year forecasts Thursday as it reported third-quarter revenues down 1% to $315.4 million compared with the same time last year.

Visitor numbers, hotel occupancy and average spend per guest all fell at Disneyland Paris.

Euro Disney had said in April that sales would grow about 5% in the fiscal year ending Sept. 30. But it also warned that third-quarter sales would be affected by the revenue-boosting Easter holidays, which fell in the company’s second quarter this year.

Nine-month sales were up 3% to $919.7 million.

Full-year growth will be lower than targeted, while earnings before interest, tax depreciation and amortization will be relatively stable.

Weighed down by $2.4 billion in debt, Euro Disney came to the brink of bankruptcy last year, but in September it completed a financial restructuring that has bought it some breathing space. As well as deferring debt repayments for several years, the company obtained new cash and credit to invest in new attractions it hopes will turn around its fortunes.

Euro Disney will cease to list its shares on the London Stock Exchange and Euronext Brussels and will trade only on the Euronext Paris exchange. Share price was unchanged at 17¢.

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