Third quarter 2016 in summary
- RevPAR LFL grew by 7.7%, driven by higher occupancy and increased average room rates.
- Net sales LFL rose by 5.7% due to continued strong underlying demand.
- Net sales rose by 9.2% to 3,577 MSEK (3,275).
Adjusted for exchange rate fluctuations, net sales increased by 9.3%.
- Adjusted EBITDA grew by 11.6% to 547 MSEK (491) corresponding to a margin of 15.3% (15.0).
January – September 2016 in summary
- RevPAR LFL for January-September grew by 6.8% driven by higher occupancy and increased average room rates.
- Net sales LFL for January-September rose by 5.8% due to strong demand.
- Net sales increased during the same period by 5.6% to 9,618 MSEK (9,107).
Adjusted for exchange rate fluctuations, net sales grew by 7.5%.
- Adjusted EBITDA went up by 15.4% to 1,056 MSEK (915) corresponding to a margin of 11.0% (10.0).
CEO’s comments in summary
Scandic’s third quarter is characterized by strong revenue growth and positive development in earnings. There is great momentum within the Group and we are gaining market share. Our margins continue to be high and it is particularly encouraging to see the positive margin development that is taking place within our operations in Norway and Europe.
Growth during the period is in line with our expectations and we continue to have a positive view that demand will remain good for the rest of the year.
During 2016, Scandic reinforced its commercial organization and implemented a series of strategic digital and customer investments at the same time as we strengthened our financial position. This means that we are well positioned to take advantage of market dynamics and realize new growth opportunities in the coming years.
President & CEO
Report presentation November 8, 2016 at 09.00 CET
A presentation of the report will take place at 09.00 CET today, November 8. Scandic’s President & CEO Frank Fiskers will present the report together with CFO Jan Johansson in a webcast and telephone conference.
Details for participation by telephone: +46 8 5664 2694 or +44 20 3008 9806.
Please call in 5 minutes before the start.
The presentation will be held in English.
Scandic Hotels Group (publ) is required to publish this information in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication November 8, 2016 at 07:30 CET.
For further information, please contact:
Scandic is the largest hotel company in the Nordic region with 14,400 team members and a network of close to 230 hotels with about 44,000 hotel rooms in operation and under development. Scandic Friends is the biggest loyalty program in the Nordic hotel sector with 1.8 million members. Corporate responsibility has always been a part of Scandic’s DNA and Scandic has been named Best Hotel Brand in the Nordic countries (BDRC). Since December 2, 2015, Scandic has been listed on Nasdaq Stockholm. www.scandichotelsgroup.com