Marcus, the fourth largest U.S. movie chain, said a trickle of films for the three months ended in September impacted earnings but were offset by the recovered Marcus Hotel & Resorts, which surpassed pre-pandemic revenues. Both businesses were up from last year but theaters saw a slowdown from Q2 to Q3.
“This not only highlights the strength of the recovery in our hotels and resorts division but underscores the value of our diversified business model. As expected, Marcus Theatres was impacted by a lighter film slate during the quarter; however, customers continued to show their desire to come out to the movies for several films that delivered great performances. We are excited about the quality of new films releasing in the coming months, with anticipation building for the debut of Avatar: The Way of Water, the sequel to Avatar, the highest grossing film of all time,” said CEO Greg Marcus.
Related Story
French Media Chronology: Culture Minister Appears To Suggest Windows Should Be Reduced – "There's A Case For A More Respectful Balance"
Shares were up slightly in a down market this morning.
The Milwaukee-based company saw total revenue jump 26% to $183.7 million with net profit rising to $3.3 million from $1.8 million from the year earlier quarter.
Sales from Q3 theater admissions of $49.4 million and concessions of $44.7 million were up from, respectively $38.2 and $35 million in 2021. But both fell from $63 million and $58 million, respectively, in the preceding second quarter. Imax earlier this week also noted an impact from fewer new releases last quarter, as most chains likely will.
Still, “Despite a softer late-summer film slate, audiences continued to show their preference for moviegoing with great theatrical performances from Minions: The Rise of Gru, Thor: Love and Thunder, Elvis and an extended theatrical run from high-flying Top Gun: Maverick,” Marcus said. Where the Crawdads Sing and Nope we also top films.
Mark Gramz, president of Marcus Theatres, pointed out that each of them debuted with an exclusive theatrical window “continuing to demonstrate the importance of theatres in driving excitement and sales for films of all types” and that “customers want to see both blockbusters and smaller films on the big screen.”
The current fourth quarter has seen a boost from Black Adam, Smile and Halloween Ends — with Avatar: The Way of Water, Black Panther: Wakanda Forever, Strange World, Devotion, The Fabelmans, Puss in Boots: The Last Wish and Babylon teed up.
Marcus said its loyalty program, Magical Movie Rewards, hit 5 million members, adding about 15,000 new members a month.
Must Read Stories
‘Precious’ Writer To Pen Pic About Henry Aaron’s Home Run Record Pursuit Amid Racist Threats
Netflix Renews Neil Gaiman’s DC Comics-Based Drama ‘The Sandman’ For Season 2
WWE Closes Book On Vince McMahon Probe; Special Committee Disbanded
Ex-Assistant Sues Randall Emmett, Alleging Racial Bias, Hostile Workplace, Scams & More
Read More About:
Source: Read Full Article