Duty free and duty paid sales fall at HDFS

By Administrator |

Looking specifically at its airport, port and border shops operations, Hellenic Duty Free Shops has reported that duty free sales fell by 8.5% to E.14.6m ($20.4m) in the first quarter of 2009, compared with E.16m

($22.3m) in the same period in 2008 and duty paid sales also decreased by 9.1% to E.21.2m ($29.6m) compared with E.23.3m ($32.5m) over the same period.

First quarter consolidated sales at Hellenic Duty Free Shops reached E.120m ($167.8m) in 2009, compared with E.113.4m ($158.6m) in the comparative period in 2008, while Ebitda fell by 3.7% to E.15.1m from E.15.7m (to $21.1m from $21.9m), with the company margin settling at 12.5%.

The company said that earnings after taxes and minority interests of the group fell by 10.7% to E.4.5m ($6.2m) in the first quarter of 2009, compared with E.5.1m ($7.1m) before interest, taxes and depreciation and amortisation.

Consolidated earnings per share reached E.0.086 from E.0.096 ($0.120 from $0.134). HDFS General Director George Velentzas said: ‘I feel satisfied with the performance of all of the companies of the HDFS Group since, despite the adverse conditions and the negative implications from the global financial turmoil affecting consumer confidence as well as retail consumption, the financials of all the companies can be characterised as quite solid, especially when compared to the performances of the companies of the sector.

‘It is also worth mentioning that the financials of the parent company HDFS are the best among the companies in the travel retail sector.’

HDFS says that on a parental total group level, sales reached E.35.8m ($50m) down 8.9% from E.39.3m ($54.9m) in the same period last year, while Ebitda reached E.6.6m ($9.2m).

Sales for the LINKS subsidiary in the first quarter increased by 20.3% to E.16.9m ($23.6m), while sales from HDFS' Elmec Sports' domestic subsidiary rose by 14.5% to E.64.3m ($89.9m).

Looking at its airport, port and border shops operations, HDFS said that its duty free sales fell by 8.5% to E.14.6m ($20.4m) in the first quarter of 2009, compared with E.16m ($22.3m) in the same period in 2008. Duty paid sales also decreased by 9.1% to E.21.2m ($29.6m) compared with E.23.3m ($32.5m) in the same period in 2008.

Sales at Athens International Airport were down 11.8%, with other airport sales also declining by 9.9%. Border shop sales fell by 6.2%, while port store sales were down 6% and the wholesale business fell by 10.1%.

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