Marriotts Q1 results severely impacted by coronavirus
Published on Monday, May 11, 2020
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.”