Consolidated sales for the first nine months of 2002 were down 1.7%. On a like-for-like
basis, sales held steady over the period (- 0.1%), with a 1.0% increase in the
third quarter.
Hotel sales at September 30 were down 0.6%, reflecting the impact of the economic
slowdown, which reduced like-for-like sales by 1%, and a weaker dollar. The
contribution from newly opened hotels added 3.4%.
On a comparable basis, third-quarter sales were stable, declining 0.1%. This
represents an improvement over the first half, when sales contracted by 1.5%.
Sales of Services enjoyed sustained growth during the first nine months, rising 16.8%
like-for-like. The reported decline of 3.6% was due to currency devaluations in Latin
America. In terms of earnings, the currency effect has only a limited impact, however,
because of higher interest rates and the fact that expenses are denominated in the
local currency.
Reported sales from other Group businesses (travel agencies, casinos, restaurants
and onboard train services) contracted by 4.4% in the first nine months, resulting in
particular from the sale of a 50% stake in Accor Casinos. Like-for-like, travel agency
sales were up 2.1% in the third quarter, compared with an 11.0% decline in the first
half.
In light of hotel sales at October 31, Accor forecasts full-year RevPAR (revenue per
available room) as follows:
- Business and Leisure Europe + 0.1% - Economy Europe + 3.2% - Economy US - 3.0%
Based on these forecasts and ongoing cost-cutting programs, Accor is maintaining its
full-year objectives of EUR 700 million in profit before tax and of around EUR 2.20 in
earnings per share.
With 147,000 associates in 140 countries, Accor is the European leader and one of the
world`s largest groups in travel, tourism and corporate services, with two major
international activities:
- hotels: 3,800 hotels (425,000 rooms) in 90 countries, casinos, travel agencies, and
restaurants;
- services to corporate clients and public institutions: each day, 13 million people in
32 countries use a broad range of services (food vouchers, people care and
services, incentive, loyalty programs, events) engineered and managed by Accor.
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