Hotel operator Atour Lifestyle Holdings Ltd. (ATAT.US) reported on Wednesday that its revenue jumped 47.5% to 2.81 billion yuan ($414 million) in the first quarter from 1.91 billion yuan a year earlier, driven by growth in its hotel management and retail businesses.
Revenue from the company’s hotel management business rose 51.9% year-on-year to 1.57 billion yuan during the three-month period, while revenue from its leased hotel business fell 8% to 118 million. Revenue from its retail business, involving the sale of room-based products like pillows and tea, jumped 54.4% year-on-year to 1.07 billion yuan.
The company’s profit for the quarter rose 90% to 463 million yuan from 244 million yuan a year earlier. Its adjusted net income, which excludes certain non-cash items, rose 42% to 490 million yuan from 345 million yuan a year earlier.
Atour’s U.S.-listed shares fell 3.4% on Wednesday after the release of its report. The stock is down about 6% year-to-date.
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