Marcus Corporation (MCS) stock plummeted 7.88% in Thursday's intraday trading session, following the company's fiscal 2024 earnings report that showed a wider net loss compared to the prior year.
In its fourth quarter and full year results announced on Thursday, Marcus Corp reported a net loss of $7.8 million for fiscal 2024, a significant decline from the net earnings of $14.8 million in fiscal 2023. The company's operating income also fell by a steep 52.3% year-over-year to $16.2 million.
The weaker performance was primarily driven by headwinds faced by the company's theatre division, Marcus Theatres, in the first half of fiscal 2024 due to a weaker film slate. While the company's hotel division, Marcus Hotels & Resorts, reported a record year, it wasn't enough to offset the underperformance in the theatre business.
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