Commercial Sales Results
WHSmith posts +5% first-half revenue rise led by North American airport market
UK airport growth was hit by temporary store closures at Heathrow, while North American sales grew sharply despite the continued sluggish performance of the InMotion brand.
Sales to foreigners at Incheon soften in January as FIT spending declines
“Foreigner sales at Incheon Airport decreased a lot from December,” a senior Korean duty-free executive tells The Moodie Davitt Report. “Overall spending per head of foreigners is decreasing steadily in terms of individual customers. The market is stagnating.”
Mast-Jägermeister posts double-digit travel retail growth despite spirits market headwinds
The company’s total revenue climbed by +1.8% year-on-year to €882 million, with travel retail climbing at double digits supported by the growth of core brand Jägermeister, the new Orange expression plus Teremana tequila.
Vienna Airport posts robust retail growth in 2025 amid space expansion
Retail & Properties revenue climbed by +5.9% year-on-year, buoyed by higher shopping, hospitality, lounge and parking income related to passenger growth.
Diageo reports -4% H1 net sales decline driven by North America and China weakness
Diageo said growth in Europe, Latin America and the Caribbean and Africa was offset by US spirits weakness and softer Chinese white spirits demand, prompting revised fiscal 2026 guidance to a reduction of -2-3% in organic net sales.
Aena reports strong 2025 financial results as commercial revenues outstrip passenger growth
Spanish airports company reported commercial revenues reaching €1.975 billion, an increase of +11% compared to 2024, against traffic growth of +4.2%.
Heathrow Airport retail revenue and spend growth outpace passenger traffic rise in 2025
Of retail performance, the company commented: “Higher passenger numbers boosted performance in food & beverage, premium services and car parking [and were] offset by weakness in advertising and bureaux de change in line with global trends.”
Hainan offshore duty-free Spring Festival holiday sales surge +30.8% to US$390.8 million
Leading duty-free retailers launched a variety of promotional and experiential activities, resulting in big crowds in-store and what Haikou Customs described as “unprecedented” tourism and shopping activity.
BAT drives growth momentum in 2025 on US rebound and strong smokeless performance
Notably, the Modern Oral category was another key contributor to revenue growth, supported by strong performance in global travel retail, with Velo’s revenue surging +47.4% (+48% at constant rates) and volume rising +47.1%.
Travel Food Services posts strong rise in Q3 and nine-month sales and profits
TFS Managing Director and CEO Varun Kapur says, “Improving passenger traffic trends, coupled with disciplined execution, and an increase in the contribution from new sites, have been the growth drivers for the business.”
China-Japan dispute casts shadow over Shiseido travel retail despite H2 improvement
Steadily reducing year-on-year sales declines in the combined China & Travel Retail division through 2025 offered encouragment for the Japanese beauty house. But the worsening dispute between China and Japan means Q1 2026 will be problematic.
Lagardère Travel Retail delivers record revenues in 2025 with strong gains in Europe, Africa and South America
Revenue at the leading travel retail-to-dining player climbed by +5.5% year-on-year with like-for-like sales rising by +4.4%, alongside improved profitability. We feature highlights plus comment from CEO Frédéric Chevalier to investors on the outlook for 2026.
