Analysts and stockbrokers, spoiled by the continued annual growth of Europe?s most profitable travel retailer Hellenic Duty Free Shops (HDFS) expressed their disappointment recently as HDFS reported net profits below their expectations.

HDFS reported a net profit for the year of E37.9m ($45.08m) as sales grew by a seemingly impressive 11.3% to E261.5m, a sum that some unforgiving analysts pointed out fell short of HDFS management's target of E265m to E270m. Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped by 1.0% to E58m.
HDFS blamed a significant decrease in passenger traffic of 8.7% at its border crossing outlets, which are amongst its most profitable outlets in Greece, although airports are the largest revenue contributor.