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TUI Reports Robust Summer Reservations As The Tourism Industry Recovers

Haiden Holmes

Feb 14, 2023 16:58

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TUI announced on Tuesday that it is observing a promising travel recovery trend for the forthcoming summer season, as travelers make preparations to take vacations after a pandemic absence.


Many expected that recessionary conditions would limit demand for vacations, but figures from airlines such as Ryanair, Wizz Air, and easyJet (LON:EZJ) indicate people are preparing for vacations.


The firm, one of the world's leading tour operators, reported that its first-quarter sales hit €3.8 billion ($4 billion) on strong winter and summer reservations, while its group EBIT loss nearly halved to €158.7 million from €267 million a year ago.


8.7 million reservations are scheduled for the 2023 winter and summer seasons.


"Our approach is straightforward: quality, cost control, and market share. New goods, new clients, and the resulting rise in market share and above-average growth are the foundation for future revenue and profit development "Sebastian Ebel, chief executive officer of TUI, said in a release.


European consumers are facing the greatest levels of inflation in a generation, yet the demand for vacations has been strong thus far. Early this year, low-cost airlines such as Ryanair, Wizz Air, and easyJet reported robust summer reservations.


Revenue increased by 1.4 billion euros to reach 3.8 billion euros year-over-year, while the number of visitors increased by almost one million to reach 3.3 million from the previous quarter.


According to the firm, demand in the previous four weeks has surpassed pre-pandemic levels, and prices have increased year-over-year.


In addition, the Hotels and Resorts division of the corporation recorded occupancy rates of 71% between October 2022 and March 2023, compared to 56% for the same period in the previous year.


Separately, TUI shareholders are likely to vote on a capital increase proposal to repay the German Economic Stabilization Fund later on Tuesday.

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