B&S retail division posts 85% first-quarter turnover decrease to €3.5m

By Andrew Pentol |

The B&S Group retail division, which includes the company’s DF&TR business posted an 85.1% turnover decrease in Q1 2021.

B&S Group runs a range of duty free shops trading as B&S Shop Fly, Capi and Crew Shop. The B&S Shop Fly outlets are located in the Netherlands while Capi, which was acquired by B&S Group in 2012, runs stores in a number of countries including the Netherlands, Norway and Sweden.

Driven by renewed travel restrictions across Europe at the end of 2020, most B&S Group travel retail outlets remained closed at the start of Q1 2021 before reopening at the end of the quarter.

As of today (17 May 2021), around 90% of B&S Group’s airport locations had re-opened. The majority of its shops are also trading, with turnover at less than 20% of 2019 levels.

The company said: “The renegotiated contracts for all our airport concessions as well as the strict cost reduction measures we took mainly relating to staff costs, allows us to break-even at 50% of 2019 turnover levels.

“With vaccination programmes in place and travel bookings for summer 2021 starting to pick up, we reiterate our expectation that reaching this level is realistic by the end of 2021 (notwithstanding reinforced travel restrictions).”

OVERALL Q1 TURNOVER DROPS 5.9%

Overall B&S Group turnover amounted to €395.6 million/US$480.5 million in the quarter, a decrease of 5.9% (-2.3% at constant currency). Organic turnover dropped 7.2% (-3.6% at constant currency).

Turnover in the Retail division dropped 85.2% to €3.5 million in Q1 2020 compared to €23.6 million during the equivalent period last year.

Tako de Haan, CEO, B&S Group, who assumed the role last year said: “I am pleased to report our Q1 2021 update, a quarter in which the majority of our business demonstrated relentless flexibility in response to the continued impact of the pandemic.

“Overall, turnover declined by 5.9% when compared to Q1 2020, where we should keep in mind that the impact of the pandemic became significant from early Q2 2020 onwards.

“Our resilience was further aided by the recovery of our international liquor distribution, our continued focus on e-commerce business and our newly introduced marketing services of which we are starting to reap the benefits already in our food segment.”

Total B&S Group turnover dropped to €395.6 million in the first quarter of 2021 from €420.5 million during the previous corresponding period in 2020.

He added: “We took further action to streamline and simplify the organisation and focused on accelerating development of our digital business solutions.

“The progress made so far reinforces my confidence in our ability to adapt swiftly in a changed business environment. It’s the driver behind our newly introduced financial targets for 2021-2023 and fast-forwards our transition towards a high-tech global brand.”

*All charts courtesy of B&S Group.

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