TOP 10 OPERATORS 2018 1: DUFRY


company announced that it had won the coveted concession to operate duty free stores at Hong Kong’s West Kowloon station. The contract for the ‘state-of-


the-art’ railway station serving the Hong Kong mainland runs for five years and was awarded on 13 February, according to operator MTR Corporation. Under the contract, Dufry will


run a departures (1,200sq m) and arrivals (300sq m) shop selling core beauty, liquor and tobacco, confectionery, fashion and health and wellbeing products. The news came after repeated


statements from the company that expansion in Asia was and continues to be near the top of Dufry’s agenda. Speaking exclusively to TRBusiness


for the May Asia Pacific edition, Díaz emphasised the projected double-digit increase in Middle East and Asian consumers in the next five to 10 years. “Regionally it is very important


we expand the business in Asia,” he said. “It is still a question mark for us as we have only generated 10% of total business so far in this region when we are generating 42% of total business in the Americas and 26% in Central Europe and the UK.” Dufry continued to gain


momentum in the first quarter of 2018 during which it registered


Dufry Group store at São Paulo Airport.


turnover of CHF 1,820.0m ($1,814m) up 6.6% year-on-year. At the time is said that its Business Operating Model


(BOM)/


efficiency plan positively impacted EBITDA, which grew by 18.4% to CHF 183.1m ($182.5m).


Growth slows in first half Whilst it was the UK, US and Spain which boosted Dufry’s results this time last year (Q1 2017) – thanks to the return of Brazilian and Russian travellers – it was Eastern Europe, Middle East, Asia and Australia to which Dufry attributed Q1 2018’s strong results, along with new


A closer look at Dufry by region in 2017


On a regional basis, organic sales from Dufry’s UK, Central and Eastern Europe segment increased by 6.3% to CHF2,147.4m in 2017, with the UK seizing on the positive impact linked to the British Pound’s devaluation following the country’s Brexit decision. Turnover in Southern Europe and


Africa reached CHF1,857.8m, with operations in Turkey driven strongly by the return of Russian travellers. Meanwhile, France, Greece, Malta and


Spain also registered positive metrics, due to new openings, expansions and refurbishments. In Asia, revenue rose by 5% to reach


CHF809.1m despite the challenging situation in South Korea impacting Chinese pax volumes.


OCTOBER 2018


In a results statement, Dufry revealed it had secured agreements to open in new and existing locations totalling 14,100sq m in 2018/2019, with plans to revamp a further 33,000sq m this year as part of a wider 40,800sq m project pipeline.


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This was most notably reflected in comebacks from Hong Kong and Macau, which grew double-digit in the second semester, while Cambodia and Bali turned in good showings. Meanwhile, the refurbishment of


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Melbourne Airport’s commercial area and new generation store implementation kick-started its recovery in the second semester. Operations in the Middle East, Sharjah,


Contact: janice@trbusiness.com


Kuwait and Jordan also performed positively. In Dufry’s dominant Latin America


stomping ground, turnover was CHF1,694m as organic growth hit +10.8%, largely due to the revival of regional giant Brazil, Uruguay, Chile and Peru, alongside its Caribbean operations


Dufry arrivals store at RIOgaleão – Tom Jobim T2.


TOP 10 OPERATORS 11


and the boost from the Group’s new cruise services division based out of Miami. North American sales jumped +7% to


CHF1,771.5m ‘supported by the resilient duty paid business on one hand and a good performance of the duty free operations on the other’.


concessions. The world’s largest duty free and travel retailer also noted that it expanded its EBITDA margin by 100 basis points to 10.1%. For the first half of this year Dufry’s growth was less impressive than


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