The Walt Disney Company’s Parks and Resorts division took a 24% hit in operating income during its fiscal first quarter, which ended on Dec. 27.

Operating income was $382 million. Revenue for the division was down 4%, to $2.67 billion.

Disney said the drop in operating income was partially due to decreases in attendance and hotel occupancy at Walt Disney World Resort and Disneyland. Adjustments on fuel hedge contracts and an increase in labor costs were partially offset by cost-cutting activities, Disney said.

Operating income from increased attendance at Disneyland Resort Paris was offset by a decrease in real estate sales, higher labor costs and higher marketing and sales costs.

Company-wide, Disney reported an 8.2% drop in revenue, to $9.6 billion, and a 32.4% drop in net income, to $845 million.

Disney CEO Robert Iger said the company was "forcefully confronting current circumstance while investing in great creativity, brands and assets that are Disney’s strengths and keys to its long-term success."