GREECE. Hellenic Duty Free Shops’ (HDFS) travel retail revenues climbed by +14% year-on-year in the first nine months to €229 million, the group reported last week.
The division’s growth was well ahead of the +5.1% rise in revenues to €775.5 million at parent company Folli Follie Group. Travel retail accounted for 30% of the group’s turnover in the period.
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HDFS EBITDA also rose sharply, by +21.1%, hitting €70.5 million in the first nine months. EBITDA margin was up to 30.8% from 29% last year, with gross margin unchanged at 52.2%. HDFS gross profit increased by +13.6% to €119 million.
Third quarter revenues reached €114.2 million compared to €99.2 million in Q3 2010 and against €114.8 million in the entire first half of 2011.
Duty free sales in the first nine months increased from 45% of the business in the same period last year to 55.7% in 2011.
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Athens International Airport accounted for 24.7% of revenue, with other Greek airports at 34%, border crossings at 29.5%, ports at 6.3% and wholesale at 5.5%.
For the group as a whole, EBITDA fell by -4.6% year-on-year to €160.9 million while operating profit fell by -6.1% to €142.7 million. The company described the result as a “resilient performance in a continuing challenging environment”, notably against the backdrop of a crisis-hit Greek economy.
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