Accor ups 2013 profit goal after Q4 sales

PARIS Thu Jan 16, 2014 11:59am EST

PARIS Jan 16 (Reuters) - Accor, Europe's largest hotel group, raised its operating profit goal for 2013 on Thursday to reflect robust growth in Europe and in emerging markets and what it said were "significant" cost savings in the fourth quarter.

The French company, with nearly 3,500 hotels ranging from the luxury Sofitel to the budget Ibis, said revenue reached 1.40 billion euros, a like-for-like rise of 3.4 percent against 3.8 percent in the third quarter

Accor said it now expected to post full-year 2013 earnings before interest and tax (EBIT) of 530 milion euros, which is at the high-end of a previously forecast range of between 510-530 million euros and compare with 526 million euros in 2012. (Reporting by Dominique Vidalon; editing by Geert De Clercq)