Cineworld takes performance hit due to ‘weak box office’
International cinema group Cineworld is set for a full year performance ‘below expectations’ according to its latest trading update.
According to its trading update for the period from January 1 to December 1, the group has seen a 9.7 per cent drop in revenue.
Box office sales have taken the biggest hit with a 12.8 per cent decrease, as well as a drop in retail sales of 7.7 per cent.
Investment in new cinema technology continues to be a key part of the group’s strategy, as well as the continued rollout of its Unlimited proposition in the US.
Mooky Greidinger, chief executive officer of Cineworld Group plc, commented: “Despite the challenging backdrop, Cineworld has continued to execute well and our strategy of focusing on optimising customer experience remains unchanged.
“There is an impressive selection of movies to come, which coupled with our extensive premium technology-led offering and exciting food and beverage offerings, will contribute strongly to our operating results and underpin our mission to be “the best place to watch a movie.
“I am confident both about the future of the theatrical business as a whole and most importantly our ability to be a leader in it.”
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