Marriott reported earnings on Monday, May 11.
Earnings missed Wall Street's expectations, as the hotel-chain operator struggled under the crushing weight of the coronavirus pandemic.
Marriott International reported net income of $31 million, or 9 cents a share, down from $375 million, or $1.09, in the year-earlier quarter. Adjusted earnings per share came to 26 cents, missing FactSet's consensus forecast of 87 cents.
Revenue totaled $4.68 billion, down 7% from a year ago but coming in ahead of FactSet's call of $4.14 billion.
“As national, state and local restrictions around travel and business are gradually relaxed, we are preparing to welcome back our associates and guests. A large, and very important, part of that process is addressing their health and safety concerns while on property. To that end, we are rolling out a multi‐pronged platform to elevate cleanliness standards and hospitality norms to respond to the new health and safety challenges presented by the current pandemic environment," said Arne Sorenson, CEO of Marriott International in a press release.
Jim Cramer weighs in on the earnings and his thoughts on the retail industry in the video above.