Dufry revenue more than doubles as sales grow to 2019 levels

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A duty free shop belonging to the Dufry Group in a departure lounge at Denpassar International Airport in Bali March 23, 2017. REUTERS/Thomas White/File Photo

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Aug 9 (Reuters) – Swiss duty free retailer Dufry (DUFN.S) said on Tuesday it saw strong sales momentum continue in July despite soaring inflation, after its turnover fell more than doubled in the first six months of the year.

The company, which operates more than 2,300 stores in airports, on cruise liners, in seaports and other tourist locations around the world, has benefited from a strong rebound in travel trends, particularly in Europe. and in the United States, after the restrictions imposed to deal with the pandemic have been lifted.

The Basel-based group recorded a 146% increase in revenue to 2.92 billion Swiss francs ($3.06 billion) in the January-June period, corresponding to 75.5% of sales levels. before the 2019 pandemic in constant currency.

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Chief executive Xavier Rossinyol, who took office from June 1, said the strong momentum continued in July, when he reached around 90% of 2019 revenue.

“Regions such as North America, Central America and the Caribbean, as well as some countries in Southern Europe and the Mediterranean performed in line with or better than 2019,” Rossinyol said.

He added, however, that the company would continue to monitor consumer sentiment and travel spending in light of the current geopolitical and health situation.

Dufry also introduced a new key performance measure, earnings before interest, tax, depreciation and amortization – or basic EBITDA – which reached 227 million francs and a margin of 7.8% in the six months to 30 June.

The Swiss company added that the combination with Italian airport and motorway caterer Autogrill (AGL.MI), announced in July, is progressing as planned. Read more

The goal of the deal is to create a travel industry giant to capitalize on growth opportunities as the sector rebounds.

The Italian group announced last month a 78% increase in like-for-like sales in the first half and raised its outlook for 2022, as passengers began to travel again, particularly in North America.

($1 = 0.9546 Swiss francs)

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Reporting by Tristan Chabba and Jagoda Darlak in Gdansk; edited by Milla Nissi

Our standards: The Thomson Reuters Trust Principles.

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