GREECE. Folli Follie has reported solid growth in its travel retail business, trading as Hellenic Duty Free Shops (HDFS), in the nine months to the end of September. Despite a -6.1% fall in passenger numbers, HDFS revenues hit €240.7 million, up +5.1%, with EBITDA reaching €75.2 million, up +6.7%.
Duty free sales accounted for 62.3% of the travel retail revenues, while spending per customer was up from €39.36 to €41.02.
As reported, 51% of HDFS is set to be sold to Dufry, although the deal was struck in October, after the reporting period.
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Travel retail performance |
In its results announcement the company called the deal “the biggest direct investment in Greece since the beginning of the crisis”.
Follie Follie Group recorded total revenues of €841.5 million during the period, up +8.5% year-on-year, resulting in EBITDA of €171.9 million, up +7%. Profit before tax was €114.2 million, up +10.2%.
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Folli Follie Group’s revenues by segment |
Folli Follie Group CEO George Koutsolioutsos said: “We remain very confident for the entire year, as already in first nine months of 2012, group net profits reached €88.7 million, approaching 2011 full year’s level with reported net profits of €89.5 million. For another consecutive quarter, we delivered increased revenues and net profits despite the negative economic environment in which we operate.”
Koutsolioutsos cited macroeconomic uncertainties across Europe as challenges for the business, along with the severe recession in Greece, now in its fifth year.
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Revenue split by activity |
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EBITDA by activity |
