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Analyst Interview Excerpt
Outlook on Leisure Travel - Sharon Zackfia - William Blair & Company


Full article published: 11/23/2009


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TWST: What's your general outlook for leisure travel and the cruise line business? How is it holding up in an environment in which many are cutting back on travel spending?
Ms. Zackfia: I think the cruise business has held up okay, given what we've gone through. Clearly, there has been pretty severe pricing pressure, the most severe pricing pressure that I think either Carnival or Royal has ever seen over a one-year time frame. But they have managed to continue to fill the ships, and it appears that the pricing pressure has started to alleviate at this point.

TWST: So slashing rates has attracted travelers to book cruises?
Ms. Zackfia: Well, the ships always sail full, so it's always a matter of at what price do the companies fill the ship. On average, both companies have had to take double-digit decreases in price - in the teens this year - and it looks like that's starting to get less bad going forward.

 

Tickers included in this excerpt: CCL, RCL

 

For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.