April 22, 2020 / 3:56 PM / 4 months ago

Accor expects losses to worsen in April and May as hotels shut

PARIS, April 22 (Reuters) - Accor, hit hard by the coronavirus crisis which has forced it to close hotels worldwide, said on Wednesday it faced its toughest months of losses yet in April and May amid uncertainty over when governments will lift lockdown measures.

The group, home to brands like Ibis and Movenpick, reported a 17% drop in first-quarter sales to 768 million euros ($831.36 million). Revenues were down 15.8% like-for-like, which strips out currency fluctuations and acquisitions.

Accor said some markets were improving, however, and especially China, where confinement orders to try and contain the health crisis have now ended.

The company, which had already cancelled its dividend, said it had enough liquidity to withstand the turmoil but did not have enough visibility yet in terms of the financial impact on 2020 results. ($1 = 0.9238 euros) (Reporting by Sarah White. Editing by Jane Merriman)

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