The Flight Centre Travel Group Ltd (ASX: FLT) share price struggled last month despite the company's silence.
After finishing May at $20.50, Flight Centre shares were swapping hands for just $17.36 at the final close of June. That represents a 15.32% tumble.
For context, the S&P/ASX 200 Index (ASX: XJO) fell around 9% over the course of June.
So, what's been weighing on the travel giant's stock lately? Let's take a look.
Image source: Getty Images
Flight Centre share price falls 15% in June
The Flight Centre share price underperformed last month. Though, it wasn't alone in its suffering.
It was joined in the red by fellow ASX travel shares Qantas Airways Limited (ASX: QAN) and Webjet Limited (ASX: WEB). They fell around 19% and 11% respectively last month.
And while there wasn't any price-sensitive news from Flight Centre in that time, it did make a number of headlines.
First, the company announced it would invest between $30 million and $35 million in staff retention.
It will do so by offering around 10,000 staff members additional share rights, as long as they stay with the company through the COVID-19 recovery phase. Eligible staff members will be offered a one-time grant of share rights valued at $3,750.
Additionally, ASX-listed airline Regional Express Holdings Ltd (ASX: REX) announced it had partnered with Flight Centre last week. The deal will see Rex become Flight Centre's "partner of choice" over the next 10 years.
Of course, it's worth looking at the broader travel industry to garner insights into the Flight Centre share price's performance.
National Australia Bank Ltd (ASX: NAB) recently found Australians spent more on international flights in May 2022 than in May 2019.
Similar findings were released by Tourism Research Australia. It noted Australians took fewer trips in March 2022 than in the same month of 2019, but spent more to do so.
However, with the rising cost of living and household cash flows tipped to ebb, Australians' spending on holidays could soon backtrack.
And finally, Flight Centre remains the most shorted share on the ASX. As of 27 June, 16% of the company's shares were in the hands of short-sellers.
