Flight Centre Travel Group Ltd (ASX: FLT) has been one of the market's worst performing stocks today with its shares slumping 4.7% to $41.26, representing a loss of $2.01 per share.
So What: Overall, it's been a disappointing year for Flight Centre Travel Group. Overall consumer confidence and spending has remained subdued locally and the company was forced to downgrade its full-year earnings guidance which sparked a heavy sell-off in shares. In fact, the stock has lost more than a quarter of its value over the last 12 months, compared to the S&P/ASX 200's (Index: ^AXJO) (ASX: XJO) 7.1% rise.
However, today's sell-off can likely be attributed to the heavy falls experienced by the Australian dollar, which has today sunk to its lowest level since May 2009 at just US 76.48 cents. A weaker Australian dollar makes it more expensive for Australians to travel overseas casting a cloud over Flight Centre's earnings prospects.
Although the company has reiterated that currency movements are not a significant factor behind its recent woes, investors remain doubtful.
Now What: While Flight Centre could experience turbulence in the near-future, the company represents as an excellent long-term prospect. At its current price, Flight Centre is certainly one for capital-F Foolish investors to consider.
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