Business Services Industry
Lack of Millennium Cruise Gimmick Sets Carnival Profits Back.
Knight Ridder/Tribune Business News, March, 2001
By Tom Stieghorst, South Florida Sun-Sentinel Knight Ridder/Tribune Business News
Mar. 22--Profits at Miami-based Carnival Corp. fell 25 percent in the first quarter as high prices reaped from last year's New Year's millennium cruises were absent this year.
The world's largest cruise operator is optimistic that second quarter results will be better than a year ago, but has grown more cautious about the full 2001 year because of softening in the economy and the declines in the stock market, which makes a splurge on a cruise less likely.
"We see a clear trade down effect," said Carnival chairman Micky Arison, as customers book less costly cruise brands than they previously patronized.
Carnival earned $128 million or 22 cents a...
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