12:57 PM EDT, 09/10/2024 (MT Newswires) -- Cineplex ( CPXGF ) announced this morning that its August box office revenues came in at $67.2 million which was -0.6% y/y and at 119% of the 2019 level, notes National Bank. The company outperformed the North American box office relative to 2019 by +7.3%.

Combined box office and concession revenues in August for the company were at 100% of 2023 and 125% of 2019.

Combined July and August box office revenues for Cineplex ( CPXGF ) are at 91% of 2023 and 105% of 2019.

"Moviegoers are certainly returning to the multiplex, as we again saw this past weekend with Beetlejuice, Beetlejuice materially exceeding initial estimates for its opening weekend which hit around US$110 million n North America and was not too far from the September record of US$123 million set by It in 2017," said analyst Adam Shine.

National Bank also reported in its August 28 flash that third quarter results were tracking ahead of NBF and consensus expectations.

Cineplex ( CPXGF ) is rated Outperform, with a $12.50 target at Cineplex ( CPXGF ).

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