Strong Lagardère Travel Retail sales boost Group revenues by 19%

By Kristiane Sherry |

Arnaud Lagardère.

Arnaud Lagardère described the travel retailer’s H1 performance as ‘very solid’. Photo: Gilles Bassignac.

Lagardère Travel Retail sales soared in the first half of 2023, cementing its position as Lagardère SA’s star performer as group revenues hit €3,701 million.

The travel retail division saw sales climb 32.4% year-on-year to €2,329 million (all growth on a like-for-like basis) as international passenger traffic continued to recover. 

Lagardère Travel Retail also posted record recurring EBITDA which stood at €92 million. Operating margin stood at 4.0%.

The business said the GTR performance was bolstered by a €5 million positive currency effect. 

Lagardère Travel Retail sales performance by region

Revenues from France soared by 27.3% during the first half of the year, despite the impact of strike action.

The EMEA region, excluding France, continued to “accelerate”, with revenue growth standing at 36.7%. Italy (+71%) and Belgium (+46%) were cited as top markets as American and Chinese travellers started to return. 

North America operations saw sales climb 21.5%, with the US and Canada seeing 16% and 69% gains respectively. 

Business across Asia Pacific saw a strong resumption, with 61.8% sales gains. North Asia saw 60% growth with the resumption of domestic Chinese traffic. 

Despite a decline in one-off Covid-19-related subsidies, these still represented €14 million over the period. 

Lagadère Travel Retail sales in H1

Lagardère H1 financial performance was led by the travel retail division.

As reported, Lagardère Travel Retail was this week selected to partner with Groupe ADP for an Extime Travel Essentials Paris joint venture.

The 50/50 venture will operate more than 60 Travel Essentials points of sale at Paris-Charles de Gaulle and Paris-Orly. 

‘Robust trajectory’

“Our activity in the first six months of 2023 confirms the Group’s robust upward trajectory, with revenue up 19% year on year – our ninth consecutive quarter of growth,” said Arnaud Lagardère, Lagardère SA Chairman and Chief Executive Officer.

“Lagardère Travel Retail posted a very solid performance on the back of the strong rebound in air traffic, while Lagardère Publishing maintained elevated revenue levels, demonstrating its resilience amid a less buoyant publishing market. 

The Relay shop at Vienna Airport.

Lagardere will partner with ADP to operate Relay stores as part of its Extime approach.

“This positive dynamic demonstrates the relevance and strength of the Group’s strategic model.” 

French media conglomerate Vivendi is currently in discussions to acquire Lagardère, with conditional approval from the European Commission granted last month.

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