AMC reports sharp profit decline as theater attendance wanes

AMC Entertainment Holdings Inc., the Leawood, Kan.-based parent company of AMC Theatres, reported a sharp drop in third-quarter profits and an 8.9 percent decline in revenues.

Chief executive Gerry Lopez said AMC struggled in a slow cinema market but benefited from its strategy of improving food and beverage operations, converting theaters to plush recliners and making other improvements. He cited a 10.3 percent increase in food and beverage revenues per customer during the quarter and a smaller decline in admissions revenues than the industry suffered as a whole.

The industry’s weak run of releases, however, meant attendance fell 15 percent to 44 million in the quarter from 51.9 million a year ago.

Read more from the Kansas City Star

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