The Wall Street Journal-20080131-Arcandor AG- Rise in Travel Demand Puts Focus on Tourism

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Arcandor AG: Rise in Travel Demand Puts Focus on Tourism

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Germany's Arcandor AG, seeing a positive trend in travel demand, is pinning its hopes on its Thomas Cook division, which brings in most of its sales. Arcandor's Karstadt department stores and Primondo mail- order division are improving, yet Chief Executive Thomas Middelhoff said Arcandor's development "will be decisively driven by tourism." Separately, nine-month net income fell to 16.3 million euros ($24.3 million) from 479 million euros a year earlier, mainly on higher taxes and write-downs.