Priceline hits 100 million room nights booked in a single quarter mark

Priceline hits 100 million room nights booked in a single quarter mark

International operations contributed a first quarter gross profit of $1.4 billion to online travel giant Priceline Group, a rise of 16% on the same period last year.

The group’s overall gross profit for the three months rose by 19% to $1.7 billion.

Adjusted earnings [EBITDA] for the period to March 31 was $532 million, an increase of 4% year-on-year.

This came as the value of total bookings for the quarter grew by 12% to $13.8 billion.

The group is targeting adjusted EBITDA of $715 million-$765 million in the second quarter of the year.

US-based Priceline runs brands such as Booking.com and Kayak.

President and chief executive, Darren Huston, said: “The Priceline Group is off to a strong start in 2015 with accelerating growth in room nights and rental car days booked.

“Globally, our brands booked over 100 million room nights for the first time during a quarter.

“International gross bookings growth accelerated to 29% on a constant currency basis in the first quarter.

“Booking.com continues to extend its lead as the world’s largest brand for booking accommodations, with over 635,000 hotels and other accommodations on the platform, up 40% over last year.

“Our rental car business grew rental car days by 18% over the first quarter of last year, an acceleration from 16% in the fourth quarter.”

Looking forward, Huston said: “Our brands executed well in the quarter, delivering strong performance on both the top and bottom line, while making smart and sustainable investments to support future growth.

“We will continue to focus relentlessly on execution at all of our brands and earn our customers’ loyalty by delivering winning experiences across desktop, tablet and mobile platforms.”

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