Sum­mer blues for movie theaters

The Denver Post - - BUSINESS -

Movie theater stocks took a beat­ing Wed­nes­day af­ter AMC En­ter­tain­ment pre­viewed a grim earn­ings re­port that will be re­leased Mon­day. AMC’S an­nounce­ment came amid broader pes­simism about what has been a lack­lus­ter sum­mer movie sea­son.

AMC shares lost nearly a quar­ter of their value a day af­ter the com­pany’s an­nounce­ment late Tues­day that its U.S. box of­fice re­ceipts tum­bled 4.4 per­cent in the sec­ond quar­ter.

A dis­ap­point­ing sum­mer at the box of­fice has put pres­sure on ma­jor North Amer­i­can theater chains, which split grosses with Hol­ly­wood stu­dios.

Be­cause of a dearth of ma­jor sum­mer hits out­side of “Won­der Wo­man” and “Guardians of the Galaxy, Vol. 2,” sum­mer sea­son box of­fice re­ceipts are run­ning about 8 per­cent less than last year, ac­cord­ing to com­score. Notable flops have in­cluded “The Mummy” and the re­cently re­leased “Va­le­rian and the City of a Thou­sand Plan­ets.”

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.