AMC Entertainment Holdings (NYSE:AMC) shares climbed over 8% after the movie theatre company's CEO tweeted to boast of one of its best-ever 4th of July periods, boosted by sales of merchandise for the new Despicable Me film.
Adam Aron said the period from last Wednesday to the past Sunday had seen the highest cinema attendance so far this year, with more than four million customers.
Merchandise sales for 'Despicable Me 4', the animated film from Universal Studios and Illumination, were the second highest ever for AMC, he said, behind only those for Taylor Swift.
Food and beverage sales on July 3 were the third-highest Wednesday in the company's 104-year history, he added.
Available merch from AMC includes the Despicable Me 4: Anti-Villian League bus tin lunchbox (pictured), T-shirts, hoodies and collectable Funko POP! figure toys.
Another big weekend for AMC. Most attended Wed to Sun of 2024, more than FOUR MILLION U.S. guests. Sale of Despicable Me 4 merchandise 2nd biggest ever for us (behind only our Taylor Swift efforts). Our July 3 F&B sales were the 3rd highest Wednesday in AMC’s 104 year history. pic.twitter.com/qCTTmYM9kb
— Adam Aron (@CEOAdam) July 8, 2024
There have been other boosts from animated films in recent months, with the latest Pixar film, 'Inside Out 2', breaking several box office records in its opening weekend in June.
AMC, which has been popular among some 'meme stock' investors in recent years, has been undermined by worries about its debt pile, which at last count stood at $4.4 billion, after management's efforts to pay down around $1 billion since 2022.
