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AMC expects people to return to theaters as vaccine rollout gathers pace

People walk past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021.
REUTERS/Carlo Allegri

AMC Entertainment Holdings said on Thursday its business was expected to improve in the coming months as the mass rollout of COVID-19 vaccines draws moviegoers back to the cinema chain’s theaters.

A strong slate of big-budget movies, including “Fast & Furious” film “F9” and Marvel’s “Black Widow,” in the summer is expected to fuel a rebound in box-office sales after the pandemic-driven slump in 2020.

“We finally can now say that we are looking at an increasingly favorable environment for movie-going and for AMC as a company over the coming few months, Chief Executive Officer Adam Aron said in a statement.

However, the company’s revenue fell to $148.3 million in the quarter ended March 31, from $941.5 million a year earlier, missing a Refinitiv IBES estimate of $153.43 million.

Its net loss shrunk to $567.2 million, or $1.42 per share in the quarter, from a loss of $2.18 billion, or $20.88 per share, a year earlier.

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