TOP 10 OPERATORS 1: DUFRY GROUP
61, 57, 53 223, 2, 27
Moscow area. “This acquisition is also a very
255, 255, 255 255, 225, 100 145, 210, 145 115, 200, 240 217, 217, 217 255, 195, 115
good example for the type of small- and mid-size acquisitions we are currently looking at… and which allow us to quickly integrate new businesses into our platforms and to generate local operational efficiencies.” Interestingly, Dufry’s Eastern
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Dufry by Division
Latin America 18%
Europe & Africa 44%
Perfumes and cosmetics 31%
Other 7%
North America 23%
Europe division reported single- digit organic growth in the first half of 2019.
Brazil border wait over Moving on to another breakthrough development, Díaz was delighted to announce the opening of the company’s first Brazilian border shop at the end of July. TRBusiness has been discussing the possibility of Dufry shops on the Brazilian border with Díaz for many years now, so it was with genuine excitement that he was able to deliver the news. “As we have been discussing in
the past, we were long-awaiting the local regulation to be finalised in order to start these operations, and now finally, everything is going to happen. This shop is located in the South of Brazil, in the city of Uruguaiana, and the size is 850sq m. This is a very important project for us as we commented on in the past because there are opportunities in 32 twin cities in Brazil that are eligible to receive this type of store.” Of course, while the company is
excited to be able to enter a new phase in its Americas operations, it is under no illusion that this is the perfect time to be opening a new store in the region. In South America, the trading environment in
Asia Pacific and Middle East 15%
Dufry by Channel
Airports 88%
Border,
downtown and hotels shops 3%
Railway Note: Based on net sales
Cruise Liners & Seaports 4%
Stations & Other 5%
Dufry's results table for H1 2019. Source: Dufry Group.
2018 and in the first half of 2019 was challenging as Díaz has mentioned on many occasions. However, Dufry insists the
company experienced more encouraging signs in June and July of this year and says over the last three quarters, it has witnessed ‘solid’ recovery from +1.8% in Q4 2018 to +2.3% in Q2 2019. Performance was more positive for Dufry’s Europe and Africa division, where sales grew by 3.9% in the first half of this year, a significant improvement versus last year. Looking more closely at the second
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quarter, performance was more impressive, with organic growth reaching +5.1%, driven in particular by the UK and supported by new cruise and ferry contracts.
Asia Pacific and Middle East division, where growth continued in strong double-digits in H1 2019; +13.9% to be precise. However, the Basel-based travel retailer noted that growth in the second quarter was marginally lower due to a comparably strong performance in H1 2018. “Organic growth continues to
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be driven by the new concessions, especially MTR in Hong Kong and the new duty free shops at Perth Airport,” added Díaz. Meanwhile, in the same division, the Middle East witnessed a moderation in sales. Moving on to Asia, Díaz
Operations in Mexico and the Caribbean improved in H1 2019. OCTOBER 2019
maintained that operations overall performed well, with business in Cambodia, China, Macau, Hong Kong and Australia being particularly buoyant.
TOP 10 OPERATORS 13
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Operationally, Dufry continued to grow its retail space by 15,400sqm across 135 shops. This included expansion of space in existing locations as well as new shop openings in Morocco, Italy, China, Russia, US and on several new cruise vessels.
Duty-paid 39%
Duty-free 61%
Literature and Publications 2%
Electronics 2%
Tobacco goods 12%
Luxury goods 12%
Dufry by Sector Dufry by Category
Confectionary, Food and Catering 18%
Wine and Spirits 16%
The company says it implemented several commercial initiatives in Spain while stores in Turkey, Italy and most of Africa also performed well. Finally, Dufry commented on its
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