Source: Sharecast
Bookings for the upcoming summer season were 1% below the prior year’s levels, a deterioration from growth reported in earlier updates, with weakness particularly evident in Germany, where sales were down 3%.
The company blamed the decline on a later Easter holiday, which it said had delayed customer booking behaviour.
TUI reported a net loss of €306.1m for the second quarter ended 31 March, widening from a €294.2m loss a year earlier.
Underlying EBIT losses widened to €206.8m, though that was better than analysts had forecast.
Quarterly revenues rose slightly to €3.71bn.
Despite the slow start, chief executive Sebastian Ebel said booking momentum had improved since the beginning of May and that summer volumes could ultimately match last year’s.
Ebel reiterated confidence in TUI’s longer-term strategy, including expansion in Asia and central Europe, though he acknowledged it would take time for the initiatives to deliver financial results.
At 1001 CEST (0901 BST), shares in TUI were down 10.34% in Frankfurt, at €6.82.
Reporting by Josh White for Sharecast.com.