Movie theater giant Regal Entertainment Group on Tuesday reported lower first-quarter financials amid weaker box-office results.
The largest U.S. exhibitor posted a quarterly profit of $22.5 million, less than half the $46.3 million recorded in the year-ago period. Revenue dropped to $642.8 million from $684.9 million.
Admissions revenue of $436.6 million meant a decline from $474.1 million. Concessions revenue fell from $180.0 million to $171.8 million.
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“In a challenging box-office environment, we are pleased that the increase in our average concession sales per patron and our focus on controlling variable costs helped drive free cash flow," said Regal CEO Amy Miles. "As we look ahead, we are excited about the opportunities created by the recent addition of over 800 screens to our circuit and the films scheduled for release in the upcoming summer movie season.”