The Milwaukee-based Marcus Corp. reported record revenues for the third quarter of fiscal 2017, despite a year of weaker than anticipated box office returns.
Revenue was up 6.3 percent to $153.8 million in the third quarter from the same time period in 2016. Operating income in the third quarter fell 13.2 percent over the third quarter to $21.4 million.
“As has been well reported, the weaker than anticipated film slate hampered the traditionally strong summer movie season,” said Greg Marcus, president and chief executive officer of The Marcus Corp. “While July and August were down for Marcus Theatres, the division ended the quarter with a very good September and we are heading into what we expect will be a strong fourth quarter for our theatres.”
Marcus Theatres reported a 9.6 percent increase in revenues for the third quarter of fiscal 2017, over the same time period last year.
During the third quarter, Marcus Theatres announced it will open a second BistroPlex dining and movie concept in Brookfield. The new location will be modeled after the Greendale BistroPlex, which opened in June near Southridge Mall.
The five top-performing films for Marcus Theatres in the third quarter were It, Spider-Man: Homecoming, Despicable Me 3, Dunkirk and War for the Planet of the Apes.
Marcus Hotels & Resorts’ revenue per available room for comparable company-owned properties decreased 0.4 percent in the third quarter; however, the division outperformed the competitive set in its markets by more than 4 percentage points during the quarter.
Revenue was up almost 2 percent over the same time period last year.
Early in the fourth quarter of fiscal 2017, Marcus Hotels & Resorts sold its minority management stake in The Westin Atlanta Perimeter North in Atlanta. The sale will impact operating results by about $4.5 million in the fourth quarter.
“We are focused on adding additional new management contracts to expand our hotel and resort portfolio, and we hope to have more good news to share in the coming months,” Marcus said.
