Cineworld sales fall as 3D effect fades

18th May 2011 07:06

Revenues at Cineworld took a sharp dive in the 19 weeks to 12 May, though that was more due to a lack of major releases than the impact of tough economic conditions.Total revenues were down by 8.9% from the same period the previous year, when sales were boosted by the 3D films Avatar and Alice in Wonderland.While the Kings Speech and Black Swan, released this year, were popular, the older audiences attracted to such films are less inclined to splash out on popcorn and other extras. Box offices revenues fell by 7.8% and retail revenues were down by 9.9%.Cineworld is now pinning its hopes on the 3D releases Pirates of the Caribbean: On Stranger Tides and Kung Fu Panda later this year to increase turnover. "Based on the strength and type of anticipated films for the remainder of the second quarter, the group expects revenues for the half year to be at a similar level to last year," the company said.---RG