A&F Marriott has reported a $1.4 billion loss for the quarter ended June 30, following a $3.5 billion loss the prior quarter.
The news comes as President Donald Trump said at the United Nations that he would seek “massive cuts” in foreign assistance as part of his sweeping foreign aid proposal, calling the Obama administration’s policies “horrible.”
“This is a massive cut in foreign funding,” Trump said.
“If I get elected president, and we can do it without Congress, I’ll be very, very tough on the Middle East.
We’re going to have to have the military to protect our borders.
We are going to end the wars in the Middle Eastern countries.
We will be very tough.
I mean, we’re going for the big cuts.
We can do that.”
The company reported a loss of $2.1 billion, or 7 cents a share, compared with a loss that was 6 cents a year ago.
The company had forecast a loss for fiscal year 2019 of $1 billion.
Marriott, which is owned by the Marriott family, had previously forecast a $2 billion loss in the first half of fiscal year 2018.
The report comes after Trump’s visit to the Marriott hotel chain in Las Vegas in June, where he signed a $110 billion stimulus package.
The $110-billion stimulus package was signed into law by Trump last week.