November 8, 2022
AMC Entertainment Holdings Nov. 8 reported a third quarter (ended Sept. 30) net loss of $226.9 million, which was up slightly from a loss of $224.2 million during the prior-year period. Revenue increased 27% to $968.4 million from $763.2 million last year. Through nine months of the fiscal year, revenue tops $2.9 billion, up 115% from revenue of $763.2 million last year.
CEO Adam Aron attributed the muddled Q3 results on a “particularly soft” industry-wide box office in the quarter.
“But encouragingly, our overall per-patron metrics for both admissions
revenue and food and beverage spending remain well above pre-pandemic levels, growing a sizable 12.0% and 30.0%, respectively, compared to the third quarter of 2019,” Aron said in a statement.
The executive, like much of Hollywood, has high hopes for the fourth quarter theatrical releases of Disney/Marvel Studios’ Black Panther: Wakanda Forever, which has posted advanced ticket sales surpassing expectations, Strange World and Avatar: The Way of Water, among other films.
Indeed, Black Panther advance ticket sales have reportedly topped $45 million.
As the exhibition business continues to struggle, Aron said the world’s largest chain would continue to explore incremental business opportunities, which include selling branded popcorn at retail and the recently announced Zoom Rooms at AMC, affording groups the ability to connect with other large groups across the country.
“We expect to make more business development announcements in the coming weeks and months, which along with an improving movie theatre sector, positions AMC Entertainment to create value for all our stakeholders,” Aron said.