Flight Centre loses altitude

Flight Centre's recent profit downgrade has investors worried. Is online competition finally hitting home?

Travel retailer Flight Centre reported its second profit downgrade this financial year recently. The company announced that its 2015 underlying profit before tax would come in around $360m, a little lower than last year (but above 2013). The downgrade implies the stock is trading on a 2015 price-to-earnings ratio of less than 14.

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