Marriott Vacations Worldwide profit drops 61%

Marriott Vacations Worldwide reported a 61% decline in net income for the latest quarter, falling to $22 million from $56 million a year earlier. The drop was driven by lower contract sales and rising costs. Despite the significant profit slide, the company maintained its annual forecast, signaling confidence in its long-term outlook. The results reflect ongoing challenges in the vacation ownership market, including higher expenses and softer demand.