Movie theater giant Cineworld said its full-year revenue would come in slightly below expectations, but raised its target for cost savings from its 2018 acquisition of Regal, citing 'improvements in contractual terms and the elimination of excess costs'
Management raises its goal for"achievable synergies" from $150 million to $190 million, citing"significant improvements in contractual terms and the elimination of excess costs."
"Our integration plans for Regal have progressed well, and management is pleased to announce an increase in achievable synergies from $150 million to $190 million following significant improvements in contractual terms and the elimination of excess costs," the company said. "Further, the group has achieved better than anticipated results from revenue initiatives. The full impact of all these additional initiatives and cost savings will be realized in 2020.
Box office revenue was down 12.8 percent through the start of December, including down 13.9 percent in the U.S., while retail, meaning concession, revenue fell 7.4 percent, the company said.
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