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Accenture's Q4 sales down, cites loss in reimbursable travel costs

Thursday - September 24, 2020 9:29 pm , Category : BUSINESS
New York, Sep 24 (IANS) Accenture on Thursday reported a decline in earnings and revenue for its fiscal fourth quarter that ended on August 31, down approximately 2 percentage points owing to a decline in revenues from the reimbursable travel costs.
The company registered $10.8 billion in revenue in its fourth quarter, compared with $11.06 billion for the fourth quarter of fiscal 2019.
The Q4 net income was $1.12 billion, compared with $1.15 billion for the fourth quarter last year.
The shares of Accenture were down by over 5 per cent in early trading.
For the full fiscal year, revenues were $44.3 billion, an increase of 3 per cent compared with fiscal 2019, the company said in a statement.
However, revenue growth for the year was reduced approximately 1 percentage point, again by a decline in revenues from reimbursable travel costs.
"Our ability to pivot rapidly to meet the needs of our clients and new ways of operating is reflected in our record new bookings of $50 billion for fiscal 2020," said Julie Sweet, Accenture's chief executive officer.
"As we turn the page to fiscal 2021, we are better positioned than ever to continue gaining market share and delivering tangible value for our clients and shared success for all our stakeholders".
Accenture expects revenues for the first quarter of fiscal 2021 to be in the range of $11.15 billion to $11.55 billion, a decrease of 3 per cent flat in local currency, including a reduction of approximately 2 percentage points from a decline in revenues from reimbursable travel costs.
The company is assuming a positive 1.5 per cent foreign-exchange impact compared with the first quarter of fiscal 2020.

--IANS na/