Q1 2020 Scandic Hotels Group AB Earnings Call Transcript
Hello, everyone, and welcome to the Scandic Hotels Group Q1 Report 2020. Today, I am pleased to present Jens Mathiesen, President and CEO; and Jan Johansson, CFO. (Operator Instructions) I will now hand you over to Jens Mathiesen. Please begin.
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Thank you very much, operator, and good morning, everyone, and thank you for joining this presentation of Scandic Hotels' first quarter results. As you heard, I'm here together with Jan, our CFO, and we will take you through the quarter now.
If you look -- turn to Page 5, we will start with a brief summary. As you all know, this quarter was a quarter that was marked by the effect from the spread of COVID-19. Our revenues were down by 18% in the quarter. Actually, sales were up year-on-year, both in January and February. But in March, sales was almost half compared to last year.
Our adjusted EBITDA was minus SEK 174 million compared to a positive result of SEK 160 million in Q1 last year.
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