Wyndham Destinations says August sales improved versus July

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Wyndham Destinations Inc. said Monday that gross vacation ownership, or VOI, sales came to $168 million in July and August with the trend improving in August from July. The vacation club company said August VOI sales were down 57% from a year ago, after being down 69% in July, due to the pandemic. Volume per guest improved more than 30% in each month versus the prior-year period. As of Aug. 26, 84% of the company’s resorts and 76% of its sales operations were open. Occupancy at open resorts was 59% in July and 58% in August, and over the Labor Day weekend, it achieved average occupancy of 77%, in line with prior-year levels. Shares were not active premarket, but have fallen 40% in the year to date, while the S&P 500 has gained 3.4%.
Re-openings in Hawaii and California are being pushed out, the company said. “As we said in July, we’re continuing to see the green shoots of the recovery with continued steady growth in VPG as resort occupancy started to rebound while our owners began to enjoy their summer vacations,” said the company. “While many resorts in Hawaii and California have yet to reopen, we’re able to reaffirm key business metrics that demonstrate the resiliency of our business.”

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