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7 Days Inn posts 39.2% rise in Q1 earnings
By Cao Qian |
May 12, 2011, Thursday
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Online Edition
Online Edition
THE 7 Days Inn Group, China's second-largest budget hotel operator by chain size, reported "better than expected" net revenues in the first quarter of this year as the company continued to accelerate its expansion across the country.
Net revenues registered between the January-March period totaled 421 million yuan (US$64.2 million), a year-on-year increase of 39.2 percent, according to a statement released today by the Guangzhou-based hotelier.
The 7 Days Inn earlier expected net revenues of between 405 million and 410 million yuan.
"We will continue to implement a strategy that focuses on expanding our presence at a stable while rapid pace," said Zheng Nanyan, chief executive officer of 7 Days. "We believe an ever-growing network across the country will not only benefit our guests but also help increase returns for our shareholders."
In the first three months of this year, 51 hotels were added to 7 Days' China network which had, as of March 31, 619 hotels with a total of 61,795 rooms in 96 cities.
The company, which was listed in the New York Stock Exchange in late 2009, has already issued 18.5 million membership cards as of March 31, the most in the country's hotel industry. That is a rise of 69 percent from March 2010, according to the statement.
For this year, 7 Days said it tries to open 290 new hotels in China and increase its whole-year net revenue by 32 to 36 percent.
Net revenues registered between the January-March period totaled 421 million yuan (US$64.2 million), a year-on-year increase of 39.2 percent, according to a statement released today by the Guangzhou-based hotelier.
The 7 Days Inn earlier expected net revenues of between 405 million and 410 million yuan.
"We will continue to implement a strategy that focuses on expanding our presence at a stable while rapid pace," said Zheng Nanyan, chief executive officer of 7 Days. "We believe an ever-growing network across the country will not only benefit our guests but also help increase returns for our shareholders."
In the first three months of this year, 51 hotels were added to 7 Days' China network which had, as of March 31, 619 hotels with a total of 61,795 rooms in 96 cities.
The company, which was listed in the New York Stock Exchange in late 2009, has already issued 18.5 million membership cards as of March 31, the most in the country's hotel industry. That is a rise of 69 percent from March 2010, according to the statement.
For this year, 7 Days said it tries to open 290 new hotels in China and increase its whole-year net revenue by 32 to 36 percent.
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