TORONTO— Four Seasons Hotels reported a drop in second-quarter profit on Friday, August 2 due to a larger than expected loss at its Pierre hotel in New York and weak demand for rooms at its U.S. city properties. Four Seasons revised its 2002 earnings per share estimates downward, saying that the “remainder of the year will be challenging due to the ongoing weakness in corporate travel demand.” Isadore Sharp, chairman and CEO, said he expects Four Seasons to earn between C$1.47 and C$1.57 a share, down from a previous estimate of between C$1.72 and C$1.76 a share. Four Seasons, with about 55 luxury hotels around the world, reported earnings of C$18.1 million ($11.4 million), or C$.48 a share, in the quarter ended June 30. That beat an average estimate of C$.31 a share by 11 analysts polled by Thomson First Call.
