Canadian movie theatre chain Cineplex (CGX) says movie ticket sales are quickly approaching pre-pandemic levels as consumers return to cinemas in growing numbers.
News of the improving box office performance comes as the Toronto-based company gave an update on its second-quarter performance, reporting box office revenues of $134.9 million, or 88% of its pre-pandemic 2019 levels.
Cineplex said that the first 11 days of June beat box office revenues earned for the same period of 2019 with $26.1 million in movie ticket sales.
Popular films such as “Spider-Man: Across the Spider-Verse” and the latest “Avatar” movie have helped to draw people back to movie theatres after the pandemic, the company said.
Cineplex said it is optimistic about the summer box office as several highly anticipated franchise films are released in coming months, including “The Flash” and “Indiana Jones and the Dial of Destiny.”
The stock of Cineplex has declined 11% over the past 12 months to trade at $9.86 per share
