Walt Disney Co. ’s “Shang-Chi and the Legend of the Ten Rings” broke records for the highest-grossing film for the four-day Labor Day weekend, making $90 million in the U.S. and Canada, according to industry estimates.

Moviegoers flocked to theaters over the holiday weekend despite rising Covid-19 cases in the U.S., putting the latest Marvel film’s box office take well ahead of the prior Labor Day record set when “Halloween” grossed $30.6 million in 2007.

The latest Disney film was released only in theaters and surpassed the second-highest grossing film this weekend, Universal Pictures horror film “Candyman,” which took in an estimated $13.4 million.

The North American box office for all films released this weekend is expected to rake in nearly $135 million for the four-day weekend, according to media-measurement firm Comscore. The holiday is estimated to mark the region’s fifth-biggest box office on record for the Labor Day weekend, Comscore said.

That total compares with the roughly $98 million combined North American box office during the four-day Memorial Day weekend, when the pandemic was seeming to abate and more theaters in the U.S. were opening, after having been closed for much of the prior year.

From Friday to Sunday, or for the weekend without the extra holiday day, “Shang-Chi” is expected to register $75.5 million in its debut, according to Comscore, just below the previous Marvel franchise film, “Black Widow,” which grossed roughly $80 million in the U.S. and Canada when it opened in theaters in July.

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Marvel Studios

“Shang-Chi” introduced the first Asian superhero in a Marvel movie, played by Simu Liu, and featured action that was orchestrated by former members of Jackie Chan’s stunt team.

The film’s Asian cast, which includes Mr. Liu, Awkwafina, Meng’er Zhang, Tony Leung and Michelle Yeoh, brought Asian talent and culture to the Marvel franchise that dominates the global movie business, similar to what “Black Panther” did for Black culture and talent in the superhero genre.

The film’s production cost was about $200 million, according to a person familiar with the matter.

The film’s exclusive release in theaters helped it lift revenue, and its performance is a positive signal for movies coming out in the fall and the holiday season, said Paul Dergarabedian, a Comscore analyst, adding that “this weekend felt more like a Memorial Day weekend than a Labor Day weekend because Labor Day weekend is typically very slow.”

The performance of “Shang-Chi” this weekend gives Disney new comparison points for its distribution strategies because the film was released exclusively in theaters instead of being offered simultaneously on its Disney+ streaming service. The company is contractually obligated to distribute the film in theaters first, Disney Chief Executive Bob Chapek said on a conference call in August.

“Black Widow,” meanwhile, made its debut simultaneously in theaters and on Disney+ and took in around $60 million globally on its opening weekend from subscribers that paid a $30 fee. While the company has to share about half of revenues from movie-theater ticket sales, it keeps the revenue from its digital sales.

“On ‘Shang-Chi,’ we think it’s actually going to be an interesting experiment for us,” said Mr. Chapek on the conference call in August. “The prospect of being able to take a Marvel title to the service after going theatrical with 45 days will be yet another data point to inform our actions going forward on our titles.”

The distribution method for “Black Widow” led to its star, Scarlett Johansson, to file a lawsuit alleging that her contract was breached when the media giant released the film on its Disney+ streaming service at the same time as its theatrical debut.

Ms. Johansson said in the suit that her agreement with Disney’s Marvel Entertainment guaranteed an exclusive theatrical release, and her payout from the film was based in large part on the box-office performance of the film.

Disney has said that the lawsuit has no merit and that Ms. Johansson has already been paid her $20 million salary and has the potential to earn more because of the movie’s airing on Disney+.

Write to Dave Sebastian at dave.sebastian@wsj.com