Marriott Corp. reported net income for the first quarter of $10 million or 10 cents per share, down 64.2 percent from the $28 million or 27 cents per share reported for the first three months of 1990.
The decline came despite total sales of $1.82 billion for the quarter, up from $1.68 billion for the same period last year.The company said the first quarter drop in income was due to "adverse market conditions," that created start-up losses, including financing costs, for several new hotels. When those losses are excluded, Marriott's earnings per share declined 15 percent in the first quarter compared with the year-earlier period.
J.W. Marriott Jr., chairman and president, said results for the quarter were adversely affected by the Persian Gulf war, which significantly reduced travel for much of the period, and by the ongoing recession in the United States.