FRANCE/INTERNATIONAL. Lagardère Travel Retail today reported €341 million in first-quarter revenue, down by -57.6% on a reported basis and -56.1% like-for-like.
The company noted that revenue in the period “closely mirrored trends in air passenger traffic, with different dynamics depending on the region. While Europe suffered a third wave of the virus and was locked down, China saw continued growth and the US showed signs of a nascent recovery in domestic air traffic towards the end of the quarter”.
Like-for-like, the business in France reported a -59.7% contraction in Q1, reflecting a “strengthening of government-ordered domestic travel restrictions”.
The EMEA region (excluding France) retreated by -63.8%, with revenue hit by the introduction of more stringent travel restrictions in most countries. Central Europe performed relatively better, supported by city-centre shops operated by the division in that region.
Revenue in North America contracted by -51.6%. The company said: “The sales trend for the first two months remained broadly in line with the fourth quarter of 2020, but momentum showed signs of a slight improvement in March 2021 as the vaccination campaign gathered pace and restrictions were gradually eased on domestic travel.”
Revenue in Asia Pacific was down -31.9%, with the Pacific region (Australia and New Zealand) and Singapore all experiencing sharp declines in sales as a result of border closures. However, revenue in China was up +37.1%, amid a recovery in traffic in Mainland China. China represented 14% of revenue in Q1, compared to 4% a year ago.
