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Pierre & Vacances does well
Wednesday January 27, 2010 - Email this article to a friend
The company reports sales up despite the economic situation.
Pierre & Vacances, one of the leading providers of accommodation in French ski resorts, with a market value of around €500 million, has reported that first quarter sales rose 10.7%, to €329.3 million from €297.4 million a year ago.
However tourism sales fell 4.8% to €207.3 million from €217.7 million last year and accommodation turnover is down 3.5% to €106.7 million from €110.5 in 2009.
Sales were also down slightly for the Pierre & Vacances Tourisme Europe division but property development turnover was up more than 53% to €122 million from just under €80 million in 2009.
The company has been offering discounts on its ski holidays and properties this winter. It has offered 15% off the accommodation price for the entire ski season across the majority of residences under the P&V umbrella; MGM, Pierre et Vacances, Maeva residences and Latitudes hotels.
It has been a tough winter for many tour operators and there were early season worries, as we reported here, at the beginning of the season.
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