Vail Resorts, Inc. (NYSE: MTN) noticed its shares went down the mountain Friday, on reporting certain ski season metrics for the comparative periods from the beginning of the ski season through April 14, 2024, and for the prior year period through April 16, 2023. The reported ski season metrics are for the Company’s North American destination mountain resorts and regional ski areas, excluding the results of the Australian ski areas and Andermatt-Sedrun in both periods. The data mentioned in this release is interim period data and is subject to fiscal quarter end review and adjustments.
Season-to-date total skier visits were down 7.8% compared to the prior year season-to-date period; Season-to-date total lift ticket revenue, including an allocated portion of season pass revenue for each applicable period, was up 3.2% compared to the prior year season-to-date period; Season-to-date ski school revenue was up 7.0% and dining revenue was up 2.4% compared to the prior year season-to-date period.
Retail/rental revenue for North American resort and ski area store locations was down 7.1% compared to the prior year season-to-date period.
CEO Kirsten Lynch said, “Given the unfavorable conditions across our North American resorts for a large portion of the season, we are pleased with our overall results as the 2023/2024 North American ski season nears completion, highlighting the stability provided by our season pass program and the investments we have made in our resorts and employees.”
MTN shares sank $3.95, or 1.9%, to $209.75.