Marcus Theatres Q2 Sales Surge Led By ‘Top Gun: Maverick’
Big exhibitor Marcus Theatres saw second quarter sales surge, hitting 80% of the comparable 2019 pre-pandemic June quarter on a string of releases led by Top Gun: Maverick.
Revenue was $129 million versus $52 million a year ago hitting 80% of ,the comparable 2019 — pre-pandemic — June quarter. The chain swung to a $16.4 million operating profit from a loss of $18 million.
“The sensational performance of Top Gun: Maverick was among the highest grossing box office films ever released, yet the blockbuster story of the second quarter of fiscal 2022 was the increased quantity of appealing film releases that drove moviegoers of all ages to the theatres,” said Theatres CEO Rolando Rodriguez. “The top five performing films in the quarter each debuted with an exclusive theatrical run that saw diverse audiences return to moviegoing.”
He said film supply has not fully returned to pre-pandemic levels, but pent-up demand during the first half of 2022 “affirms our continued optimism for the future.”
The quarter reflected a relative abundance with Doctor Strange in the Multiverse of Madness, Jurassic World: Dominion, Sonic the Hedgehog 2 and The Bad Guys.
The current third quarter has featured Thor: Love and Thunder, Minions: The Rise of Gru, Nope, and DC League of Super-Pets, with Bullet Train this weekend. Coming up this year — Halloween Ends, Black Adam, Black Panther: Wakanda Forever, Shazam! Fury of the Gods, and highly anticipated Avatar: The Way of Water.
Marcus said theater admissions rose to $63 million from $25 million and concessions surged to $58 million from $23 million.
The company also owns resort hotels. The combined Marcus Corp. saw total revenue of $199 million – up from $92 million — and swung to a net profit of $9 million from $23 million.
Execs will host a call to discuss the numbers later this morning.
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