Milwaukee-based Marcus Corp. reported record revenues and an increase in net earnings for the second quarter of fiscal 2017, despite a weaker overall film slate and lower group sales in the hotel division.
Operating income was up 2.6 percent from the second quarter of the year to $18.7 million, up from $18.3 million during the same time period in 2016.
Total revenue for the quarter was $152.8 million, a 13.2 percent increase from the first quarter of fiscal 2016.
“We are pleased that The Marcus Corporation again delivered increased operating results for our shareholders,” said Greg Marcus, president and chief executive officer of The Marcus Corp.
“Our performance for the first half of the fiscal year was strong, with two consecutive quarters of record results, including a 19.3 percent increase in revenues and a 32.4 percent increase in net earnings compared to the first half of fiscal 2016.”
Marcus Theatres reported a 22.7 percent increase in revenues and a 14.9 percent increase in operating income during the second quarter over the prior year period.
Marcus Theatres’ new dining and movie concept, BistroPlex, opened in Greendale on June 30.
“The results to date are encouraging,” Marcus said. “I could see ourselves expanding to additional locations in the future.”
The five top-performing films for Marcus Theatres in the second quarter of fiscal 2017 were Guardians of the Galaxy Vol. 2, Wonder Woman, The Fate of the Furious, The Boss Baby and Beauty and the Beast.
Films that have performed well so far in the third quarter include Despicable Me 3, Spider-man: Homecoming, War for the Planet of the Apes and Dunkirk.
Marcus Hotels & Resorts’ revenue per available room for comparable company-owned properties decreased 1.5 percent in the second quarter, but the division still out performed the competitive set in its market by almost 3 percent during the second quarter.
Marcus said this was due to the timing of the Easter holiday being in April, which negatively impacted group business, particularly in Milwaukee, where Marcus has three of its eight hotels.
Marcus said the U.S. Open at Erin Hills in June helped Marcus Hotels & Resorts’ rebound.
“We had a particularly strong June with the U.S. Open, which offset any decline early in the quarter,” Marcus said.
