Vail Resorts Inc.’s fiscal fourth-quarter loss widened as the ski resort operator posted a steep drop in revenue at its real estate segment, masking a decline in expenses during a seasonally weak period.
Ski resorts saw demand improve last year as the travel and tourism sector recovered from weakness during the economic downturn. In addition to more skier visits, stronger ski-season spending on extras such as ski school, dining, retail and rentals benefited the company’s bottom line.
For the quarter ended July 31, Vail Resorts posted a loss of $53.9 million, or $1.49 a share, compared with a year-earlier loss of $41.9 million, or $1.16 a share. Revenue declined 25 percent to $108.7 million.
Analysts polled by Thomson Reuters expected a loss of $1.51 a share on revenue of $97 million.
Revenue from Vail’s mountain segment, which includes ski areas in Colorado and California, was up 16 percent to $41.7 million on a 37 percent jump in dining revenue and an 8.3 percent increase in retail and rental revenues.
The smaller lodging business saw revenue climb 6 percent to $54.4 million, while the real estate segment declined 78 percent to $12.6 million.
