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January 23, 2011

Accor Raises Profit Target

Accor expects earnings before interest and taxes (EBIT) of €440m ($592m) for 2010, revising its previous EBIT target of €400-420m ($538m-$565m). The French hotel group revised its earnings target after sales jumped 11.2% in the fourth quarter of 2010, boosted by a recov

By cms admin

Accor expects earnings before interest and taxes (EBIT) of €440m ($592m) for 2010, revising its previous EBIT target of €400-420m ($538m-$565m).

The French hotel group revised its earnings target after sales jumped 11.2% in the fourth quarter of 2010, boosted by a recovery in emerging markets.

Accor’s revenue rose 8.4% to €5.95bn ($8bn) during the year from €5.49 ($7.3bn) a year earlier.

The group’s upscale and midscale hotel revenue rose 10%, while economy lodgings, excluding the US, gained 11%.

Accor’s fourth-quarter hotel sales reached €1.4bn ($1.8bn), driven by a 9% rise in upscale and midscale hotel revenue.

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