Profits of Thomas Cook affected by poor trading
The firm Thomas Cook has said that, its profits of this year would be at its lower rate of the market expectation because of the poor trading in its business in the UK. This shows that the travel market is struggling in UK as this report came just one day after the firm TUI reported weak trading.
The travel firm Thomas Cook has also said the low value of euro has been a prime reason for the poor trading and affected company's earnings in the countries using single currency.
The company also said the unstable economic condition of the European countries was putting off the tourists and holidaymakers. Thomas Cook has estimated a loss of at least 81.9 million euros because of the disruption by volcanic ash in the April.
The lower profits of the travel European companies like TUI Travel and Thomas Cook show that the consumer spending is slowing down in the UK.
Even the British Retail Consortium (BRC) has said the growth in the UK retail sales slowed down sharply in the month of July because of the fears of the spending cuts implemented by the government.
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