Amex reports corporate travel sales stabilizing
January 26, 2010 | Online Travel
Reflecting the depths reached by the corporate travel industry in 2009, American Express' global corporate travel sales shrunk 30 percent year over year to $14.6 billion. That slide, however, seems to have stabilized with Q4 performance reporting a more moderate 5 percent decrease compared with last year.
While its corporate travel segment awaits a return to growth, overall card member spending increases and positive credit and economic indicators spiked the company’s overall performance numbers.
Amex reported a net income of $715 million during the quarter, a 198 percent increase over the fourth quarter of 2008—the first full reporting period following the financial industry fallout led by the collapse of Lehman Brothers and federal government bailout of AIG.
Global Commercial Services, the division where the commercial card and American Express Business Travel units sit, had a fourth-quarter net income of $117 million. In the fourth quarter of 2008, the division had a $7 million net loss.
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