TOP 10 OPERATORS 1: DUFRY GROUP
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“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.”
Julián Díaz, Dufry
Right: World Duty Free stores in UK airports enjoyed the benefits of a drop in the value of the pound sterling.
In North America, it was duty paid operations that supported growth of +3.7% in the first half of this year, while the duty free business was also impacted by ‘higher comparables’.
Cruise division ups its knots As previously alluded to, the Central and South America division had to battle headwinds that cost the company a 10.6% slide in organic growth. However, as Díaz pointed out,
Dufry did see signs of recovery in the months of June and July. On the contrary, Central America operations reported positive figures, mainly supported by operations in Mexico and the Caribbean. Of course, the Central America business was boosted by strong double-digit
growth from Dufry’s cruise contracts and the start of operations on new ships. As reported in May this year, Dufry
now operates duty free services onboard all of Holland America Line’s ships after signing an extra contract for its remaining six vessels. The five-year agreement adds
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more than 1,500sq m of retail space, meaning Dufry is now visible fleet- wide on the line’s 15 ships – including the latest Nieuw Statendam launched in December – with more than 3,500sq m of retail space. The new signing consolidates a contract inked last year for eight Holland America Line vessels. This of course is in addition to its contract with P&O ferries for 15 ships,
Historic day for Dufry as it opens first Brazilian border duty free store Official Partner
Established 1998
Finally, after years of waiting for government approvals to be finalised, Dufry officially opened its first Brazilian duty free border shop in Uruguaiana, Rio Grande do Sul, at the border with Argentina on 22 August. As reported by TRBusiness at the end
and earnings call with analysts and members of the media. Dufry’s first Brazilian land border duty
of July, Dufry announced the opening of the new store during a H1 2019 results
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free store follows the unveiling of the inaugural Brazilian border stores, also in July, in Barra do Quaraí and Jaguarão. As extensively reported, the approval
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of the required regulation to operate land border duty free stores in any of Brazil’s 32 cities bordering variously with Argentina, Paraguay, Peru, Colombia, Bolivia, French Guiana, Uruguay, Guyana, Venezuela and Suriname was several years in the making. The Brazilian Customs authorities
While Dufry is opening its first store on the Brazilian border, it has been operating at the region's airports for many years. Pictured here is the main duty free store in T2 Arrivals at Rio de Janeiro Airport.
14 TOP 10 OPERATORS
finally approved the regulation and gave the green light for the land border duty free stores in March last year. Dufry’s new 850sq m shop offers an
assortment of ‘prestige international brands’ similar to those seen in Dufry’s airport shops around the world, says the Basel-based travel retailer. “Uruguaiana
to sample wines and spirits at a tasting bar and are able to take advantage of various interactive and digital activities pertaining to perfumes and cosmetics.
OCTOBER 2019
is one of the most important cities in the South of Brazil, at the border to Argentina,” it stated. Brands on offer include the following:
MAC, Carolina Herrera, Victoria’s Secret, Shiseido, Lindt, Godiva, Johnnie Walker, Chivas, Absolut, Tanqueray, JBL, Lacoste and Desigual, among others. “Moreover, thanks to the close relationship Dufry has with brand partners, customers strongly benefit from ongoing launches of novelties, exclusive products and limited editions,” added the company. At the new shop customers can also
benefit from Dufry’s RED by Dufry loyalty programme as well as its Reserve & Collect service, which allows customers to pre-order their purchases online. Within the store, customers are invited
as well as Carnival Cruise Line’s Panorama, Inspiration, Sensation and Valor ships, among others. «
*The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016, effective for financial periods beginning on or after 1 January 2019. According to Deloitte, the introduction of IFRS 16 saw an increase in net debt for many publicly-listed companies. It also suggested that EBIDTA would also increase, however less substantial, as the majority of the former rental expenses will be reflected in depreciation and that there would be a higher invested capital for the lessee. “This generally lowers ROIC,” says Deloitte.
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