BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) reduced its year-over-year losses in the first quarter of fiscal year 2023 and topped Wall Street analysts’ revenue projections.

The company posted sales of  $279.3 million for the period, topping the 2022 quarter of 2022’s results by $103.9 million. Sales in the most recent quarter also outpaced Zacks Consensus Estimate of $246 million.

“The increase is primarily due to the greater impact of COVID-19 and related limitations and restrictions on results in the prior year,” the company said.

Wall Street expected more from Vail’s bottom line. The company recorded a net loss of $3.40 per share, while Zacks Consensus Estimate was a loss of $3.17.

“Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season operations during the period. The quarter’s results are primarily driven by winter operating results from our Australian resorts and our North American resorts’ summer activities, dining, retail/rental and lodging operations, and administrative expenses,” Vail CEO Kirsten Lynch said in a prepared statement. 

Pass sales for the 2022-2023 ski season were up 6% at the end of the first quarter as compared to the same period last season.

“We are pleased with the results of our season pass sales, which continue to demonstrate the strength of the guest experience, our network of mountain resorts, and commitment to continually investing in the guest experience,” Lynch said.