Club Mediterranee Says Winter Sales Have Very Encouraging Start
Club Mediterranee (CU) SA, the French operator of 75 resorts worldwide, said full-year operating income from its villages will improve as winter sales offset a decline in business to North Africa following political unrest.
“Over-performance delivered during the winter should enable the group to offset the unfavorable impact of these events," the Paris-based company said in a statement today. ‘‘Winter sales are off to a very encouraging start.’’
European travel company earnings have been affected by political unrest in North Africa this year. Club Med said its third-quarter business volume for destinations in Morocco, Tunisia and Egypt was 20 million euros lower year-on-year, reducing growth in total business volume by 5.9 percent.
Revenue slipped 1.9 percent to 323 million euros ($441 million) in the three months to July 31.
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