NEWS ROUND-UP Dufry down 70% revenue in ‘worst case’
which will help the company fortify its strong capital base and reduce costs during the crisis said: “The worst case scenario is a 70% drop in sales compared to last year and revenue generated in 2019 being recovered in 2022. This is the basic idea.” Other possible scenarios include 40%
and 50% sales decreases in 2020. “A 40% sales decrease is based on the possibility of traffic and sales fully recovering by mid-late 2020,” Díaz explained. “Should sales drop by 50%, the recovery will be in mid-late 2021.” Asked by an analyst if it was premature
Dufry Group has identified a 70% decrease in revenue as the worst-case scenario for 2020 amid the ongoing coronavirus (Covid-19) crisis. This is one of several potential scenarios
the company highlighted during a Q1 2020 results call. Julián Díaz, CEO, Dufry Group, who highlighted new and existing initiatives
to suggest that the Covid-19 situation will have significantly improved by 2022, Díaz responded: “In the past, similar situations have tended to normalise in three to six months. The fact we are planning for 2022, therefore, is quite pessimistic.” Elaborating on the performance of the
company in Q1 2020, Díaz recalled how January started with accelerated growth in the first three weeks, before the impact
CNSC presses on with new openings
The China National Service Corporation for Chinese Personnel Working Abroad (CNSC) has revealed it is still hoping to open new downtown stores this year in locations such as Beijing and Qingdao, despite the Covid-19 pandemic. Last year, CNSC, which serves passengers
returning from overseas for up to 180 days on presentation of passports and other valid documents, completed a number of key projects. These included the opening
of a new 2,000sq m downtown store at the Olympic Plaza in Dalian and the company’s first inbound duty free cruise port store at Tianjin International Cruise Home Port. Evita Qu, Deputy General Manager,
CNSC told TRBusiness in December that the state-owned company was looking to open its new 1,800sq m Beijing downtown duty free store in mid-2020. The store will be located in the Beijing
‘Fun’ district, just 100 metres from Tiananmen Square and adjacent to the Palace Museum. Speaking more recently to this publication
at a time when the Covid-19 situation was considered to be relatively ‘under control’ in China, Qu said: “Although some related work processes were delayed due to the pandemic, everything has basically returned to normal.” A full interview with Qu appears on p42.
of the crisis hit Asia; ultimately, sales in January rose 0.8% year-on-year. Addressing Dufry’s Covid-19 action plan,
Díaz added: “The idea of the initial action plan was to protect the liquidity of the company and allow it to continue for as long as possible. We have since expanded these initiatives and are adapting the trading structure of the company.”
Shilla works hard to lure new customers
The Shilla Duty Free says it stands poised to capitalise on the coronavirus (Covid-19) recovery as work to sustain relationships with current customers – and forge new ones – continues, TRBusiness has been told. In an exclusive interview, The Shilla
Duty Free Executive Vice President – Korea Division Taeho Kim said: “Our sales, marketing, and all relevant divisions are preparing for the time when customers get back. “One of our goals for the time being
is raising awareness to lure potential customers. Also, there is close cooperation with the brands to supply products smoothly when the business normalises. “Although everyone is having a really
hard time under the unprecedented crisis that we’ve never experienced before, I believe and hope that we can get over this difficult situation in the near future. The Shilla Duty Free will prepare for the time when this pandemic ends and can go back to normal life again. See p33 and p63 for features on Shilla Duty Free.
BOSS.COM
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