GreenTree Hospitality reports Q1 core EPS RMB0.60 vs. RMB0.49 last year

Reports Q1 revenue RMB352.2M vs. RMB379.2M last year. “Overall, we delivered some significant improvements in the first quarter with substantial increases in both operating and net incomes. Conditions in our hotel business were mixed as consumer behavior continued to evolve in a more competitive environment while we are continuously upgrading a large portion of hotels in our portfolio. Against this scenario, we managed to deliver an 8.8% revenue increase year over year and a 21.1% increase in hotel Adjusted EBITDA. We believe our business matrix will improve as we are completing these upgrades and open more new hotels. We made further progress in the repositioning of our restaurant business with an absolute focus on robust profitability. We grew our network of franchisees as we further expanded the number of street stores. We have completed our closure of the restaurants in the supermarket anchored regional shopping centers, due to less foot traffic to our stores. We have now completed this phase of our forward strategy and are focused on store count growth again in regions where we have strong brand recognition,” said Mr. Alex S. Xu, Chairman and Chief Executive Office of GreenTree.