1 Trend That Is Getting Better at Carnival
Belts are being tightened at Carnival (NYSE: CCL) (NYSE: CUK) as the world's largest cruise line operator is announcing a combination of layoffs, furloughs, reduced work weeks, and salary reductions across the company on Thursday. Despite raising $6.4 billion in additional liquidity last month -- enough to keep it afloat through next year -- industry uncertainties dictate taking a stand sooner rather than later even as many of its crew members await to be repatriated off of the ships they are currently not allowed to leave.
Carnival's press release isn't all negative. It does point out that booking trends for the first half of next year remain within historical ranges -- even though it's not clear if Carnival is talking about only new bookings, or if it's also including the passengers on cancelled sailings who are applying future cruise credits to 2021 vacations.
On a potentially related and more encouraging note, Carnival is also saying that less than 38% of its passengers on cancelled sailings are requesting refunds.
Source Fool.com
