Vail Resorts, Inc. said revenue from its Retail/rental operations reached $59.7 million for the three months ended April 30, up $4.3 million, or 7.7% compared to the same period a year ago.
The growth includes $4.0 million of incremental revenue from Northstar-at-Tahoe, which Vail acquired last year. Excluding Northstar-at-Tahoe, retail/rental increased $300,000, or 0.5%, which was driven primarily by increased retail revenue at our Vail and Beaver Creek mountain resort stores and Any Mountain stores in the San Francisco Bay Area. Overall, mountain resort stores were negatively impacted by the late Easter holiday in the current fiscal year.
Retail cost of sales rose 3.3 percent to $20.001 million during the quarter.
For the nine months ended April 30, Retail/rental revenues reached $137.7 million, up 13.1 percent from the comparable period in 2010, while retail cost of sales rose 10.7 percent to $61.6 million.
Vail Resorts, Inc. | |||||||||||||
Mountain Segment Operating Results and Skier Visits | |||||||||||||
(In thousands, except Effective Ticket Price) | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | Percentage | Nine Months Ended | Percentage | ||||||||||
April 30, | Increase | April 30, | Increase | ||||||||||
2011 | 2010 | (Decrease) | 2011 | 2010 | (Decrease) | ||||||||
Net Mountain revenue: | |||||||||||||
Lift tickets | $ | 187,341 | $ | 159,772 | 17.3% | $ | 342,514 | $ | 289,289 | 18.4% | |||
Ski school | 46,522 | 40,625 | 14.5% | 83,818 | 70,694 | 18.6% | |||||||
Dining | 31,733 | 25,837 | 22.8% | 62,244 | 49,094 | 26.8% | |||||||
Retail/rental | 59,364 | 55,107 | 7.7% | 155,737 | 137,671 | 13.1% | |||||||
Other | 26,458 | 20,872 | 26.8% | 66,161 | 55,647 | 18.9% | |||||||
Total Mountain net revenue | $ | 351,418 | $ | 302,213 | 16.3% | $ | 710,474 | $ | 602,395 | 17.9% | |||
Mountain operating expense: | |||||||||||||
Labor and labor-related benefits | $ | 74,332 | $ | 63,443 | 17.2% | $ | 171,452 | $ | 144,686 | 18.5% | |||
Retail cost of sales | 20,001 | 19,369 | 3.3% | 61,641 | 55,663 | 10.7% | |||||||
Resort related fees | 20,802 | 19,460 | 6.9% | 38,439 | 34,565 | 11.2% | |||||||
General and administrative | 26,972 | 24,032 | 12.2% | 82,818 | 70,603 | 17.3% | |||||||
Other | 40,029 | 30,150 | 32.8% | 102,146 | 81,423 | 25.5% | |||||||
Total Mountain operating expense | $ | 182,136 | $ | 156,454 | 16.4% | $ | 456,496 | $ | 386,940 | 18.0% | |||
Mountain equity investment income, net | 406 | 838 | (51.6)% | 1,324 | 1,299 | 1.9% | |||||||
Total Mountain Reported EBITDA | |||||||||||||
