Marriott's Q1 results severely impacted by coronavirus

Marriott’s Q1 results severely impacted by coronavirus

Monday, 11 May, 2020 0

Marriott International has reported operating income of $114 million for the first quarter of 2020, down from $510 million in the same period last year.

Reported net income totalled $31 million in the 2020 first quarter, compared to 2019 first quarter reported net income of $375 million.

Reported diluted earnings per share (EPS) totalled $0.09 in the quarter, compared to reported diluted EPS of $1.09 in the year-ago quarter.

Marriott said worldwide RevPAR [revenue per available room] began the year with a strong 4.6 percent growth rate for January, excluding Greater China, where Covid-19 was already impacting results, but has declined by 90 per cent.

Currently, roughly a quarter of Marriott’s worldwide hotels are closed.

Arne M Sorenson, president and chief executive officer of Marriott International, said, "In the last few months we have seen the impact of Covid-19 spread throughout our business in an unprecedented way.

"These are extremely challenging times, but I am confident that we will be able to successfully navigate through them."

Lisa

Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.