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Profits fall at Starwood

24 October 2008 by

Starwood has closed three of its sales centers in a bid to cut costs after reporting a fall in third-quarter profit.

The group's earnings for the period ended 30 September dropped to $113m (£70m) from $129m (£80m) a year earlier.

Excluding a $22m (£14m) restructuring charge, income from continuing operations was $129m (£80m). Turnover was flat at $1.54b (£955m).

Starwood warned that 2009 would likely bring a further decline in worldwide revenue per available room and continued weakness in its vacation ownership division.

The company said it would look to offset some of that by lowering vacation ownership, hotel and corporate overhead costs.

The luxury group expects fourth-quarter earnings to be between $65m (£40m) to $75m (£46m), and full-year profit is forecast between $384m (£237m) and $394m (£243m).

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By Gemma Sharkey

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