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MarketWatch MarketPulseJun 03, 2020
AMC Entertainment warns of first-quarter loss as theaters remain closed during coronavirus pandemic
AMC Entertainment Holdings Inc. said Wednesday it expects its first-quarter net loss to range from $2.117 billion to $2.417 billion, as it books an impairment charge on estimated long lived assets and goodwill of $1.8 00 billion to $2.100 billion. The company had a net loss of $130.2 million for the three months ended March 31, 2019. The cinema chain has taken a hit during the coronavirus pandemic as its theaters have been closed and are expected to reopen with reduced capacity to allow for social distancing. The company is expecting an adjusted loss of $224.5 million, wider than the adjusted loss of $101.8 million posted a year ago. It expects revenue of about $941.5 million, down from $1.200 billion a year ago. The company will report first-quarter earnings after market close on June 9. AMC had a cash balance of $718.3 million as of April 30, including borrowings. It had net cash from operating activities, investing activities and financing activities of a negative $184.0 million, a negative $87.4 million and a negative $312.4, respectively, compared with $1.4 million, a negative $98.5 million and a negative $33.9 million a year ago. Adjusted free cash flow for the first quarter came to a negative $220 million and free cash flow was a negative $275.7 million. Shares fell 2.5% premarket and are down 23% in the year to date, while the S&P 500 has fallen 5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJun 03, 2020
Dunkin' stock rises as same-store sales show improvement over the past month
Shares of Dunkin' Brands Group Inc. rose 1.7% in premarket trading Wednesday after the coffee and ice cream seller provided a mid-quarter sales update, which showed improvement over the last month in its U.S. Dunkin' and Baskin-Robbins sales, helped by strength in drive-thru sales and a jump in midday sales. For the eight weeks ended May 23, same-store sales for open Dunkin' U.S. stores fell 23%, but improved to a decline of 15% for the week ended May 23 from a drop of 25% for the week ended April 25. The company said the improvement was driven by strong sales at drive-thru stores, double-digit percentage year-over-year same-store sales growth during the 11 a.m to 2 p.m. time period and increased sales through the Dunkin' app, delivery and curbside. For open Baskin-Robbins U.S. stores, quarter-to-date same-store sales fell 10.5%, with sales improving to flat for the week ended May 23 from down 10% for the week ended April 25. AS of May 23, about 650 of 9,637 Dunkin' U.S. stores were closed as a result of the COVID-19 pandemic. The stock has declined 4.4% over the past three months through Tuesday, while the S&P 500 has gained 2.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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