LONDON (Reuters) - European holiday company TUI Group
TUI stuck to its guidance for underlying earnings to rise at least 10 percent at constant currency this year, and said that trading for the coming winter and summer seasons was in line with its expectations.
"The number of customers purchasing holidays from us has grown in all major markets, even with the sustained period of hot weather in Northern Europe this summer," TUI's CEO Friedrich Joussen said in a statement on Thursday.
TUI's chief executive had warned in August that the heatwave might prevent it from beating forecasts but had not pushed it off course. It makes most of its profit in the summer season when customers in northern Europe seek warmer weather in southern Europe and elsewhere.
TUI owns more of its hotels and resorts than Thomas Cook and has a bigger exposure to cruise ship holidays, a structure which has in the past helped protect its profit margins during times when trading becomes more difficult.
(Reporting by Sarah Young; editing by Kate Holton)