GREECE. Hellenic Duty Free Shops (HDFS) has revealed details of a new concept for its border business, which will be rolled out across its key locations this year.
The move was revealed by company President George Koutsolioutsos to analysts and media last night at the company annual results presentation in Athens.
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HDFS President George Koutsolioutsos |
Koutsolioutsos said: “We will be undertaking a refurbishment programme across our key points of sale. That will include a new one-stop-shop concept for the borders. It will incorporate shopping, F&B, fuel and recreation.”
Koutsolioutsos also said the company would soon unveil a new corporate logo, which will be rolled out across all of its retail locations, beginning at Athens International Airport. The design is currently being finalised.
At its existing store network the company will also introduce some new retail concepts, the first of which is named Triton. “We have gained a lot of experience in the travel retail channel and we know we can come up with new and innovative ideas,” said Koutsolioutsos. “Triton will be a concept for gadgets and modern technology; well designed products at affordable prices. We’ll roll this out from May across our stores. We also have some other exciting projects which we will reveal later in the year.”
Koutsolioutsos was speaking after the HDFS Group (including Hellenic Duty Free, Links of London, Elmec Sport and Hellenic Distributions) announced a +38% surge in revenues for 2007 to €414.1 million, as the effect of recent acquisitions took effect on its balance sheet. As we reported yesterday, EBITDA reached €69.8 million, up +7.7% year on year. EBIT was €55.5 million while earnings after tax and minority interests were €33.5 million.
Following last night’s results announcement, we can reveal further details of the duty free division’s results.
The proportion of sales that were duty free fell to 40% in 2007, compared to 50.6% in 2006. Total duty free sales fell -17.5% to €105 million in the year. Duty paid sales increased by +26.5% to €157.5 million.
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Hellenic Duty Free’s new approach |
Sales at Athens International Airport accounted for 32.8% of sales in 2007 (up +11% year on year), while other airports were 32.2% of the business (+15.8%); border shops were 26.4% (down -15.1%) and port shops were 7% (up +16.7%); wholesale took a 1.6% share (up +8.3%).
Among the product categories, perfumes & cosmetics took the greatest share (41.9%), followed by liquor (18%), luxury goods/other goods (16.8%), tobacco (11.7%) and confectionery & fine food (11.6%).
Luxury goods, beauty and confectionery all showed strong double-digit growth in the year.
Spend per passenger rose marginally in the year to €10.81, spend per transaction rose +2.1% to €39.82 and penetration dipped slightly to 27.14%.
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Hellenic Duty Free Shops posts +38% surge in revenues as effect of acquisitions kicks in – 12/03/08
Hellenic Duty Free Shops posts +19.4% surge in sales during the first nine months – 28/11/07
Hellenic Duty Free Shops confirms acquisition of Greek sporting goods distributor – 08/10/07
Hellenic Duty Free Shops in talks to acquire leading Greek sports retailer – 05/10/07
