Accor Profit Misses Analyst Estimates as Company Shifts Strategy
Earnings before interest and taxes slid to 198 million euros ($265 million) from 212 million euros a year earlier, the Paris-based company said today in a statement. Analysts expected profit of 212 million euros, according to the average of 10 estimates in a Bloomberg survey. Accor said it expects full-year profit to be between 510 million euros and 530 million euros, compared with 526 million euros in 2012.
Accor is in the first year of a three-year reorganization that includes increasing its focus on emerging markets, reducing debt, selling some properties and cutting costs. It plans to reduce its share of leased or owned properties to 20 percent by 2016, from the current 58 percent, with the rest operated under franchise or management contracts.
Yesterday, the company said Sebastien Bazin, head of European investing at Accor shareholder Colony Capital LLC, will take over as chairman and chief executive officer.
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