BRIEF: Atour posts strong revenue, profit gains as travel rebound slows
Hotel operator Atour Lifestyle Holdings Ltd. (ATAT.US) reported on Tuesday its revenue rose 47% year-on-year to 1.9 billion yuan ($262 million) in the third quarter, driven by strong growth for its managed hotels and retail businesses.
Revenue from the company’s managed hotels business rose 51% to 1.18 billion yuan, accounting for 62% of its total. Revenue from its retail business, which lets guests buy items displayed in their rooms, doubled to 480 million, accounting for about a quarter of its revenue. Those strong gains offset a 20.4% decline to 190 million yuan for its self-operated hotels, its other main business line.
The company’s revenue per available room (revpar) fell 10% to 380 yuan in the third quarter from 424 yuan a year earlier as China’s strong post-pandemic travel rebound showed signs of losing momentum. The company’s third-quarter profit rose 45% year-on-year to 381 million yuan.
Atour’s shares fell 5.7% in Tuesday trading in New York after the announcement.
By Doug Young
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