Lagardère Travel Retail posts 15.9% rise in Q1 revenue
Paris, May 7th, 2019 - On a like-for-like basis, Lagardère Travel Retail maintained its growth trajectory (up 6.9%) in all geographies, especially France and Asia which were boosted by good sales performances and expansion of the point-of-sale network.
Revenue for the travel retail division totalled €930 million, up 15.9% on a consolidated basis (up 6.9% like for like). The difference between consolidated and like-for-like data is attributable to a positive €59 million scope effect resulting mainly from the acquisition of HBF, and to a positive €14 million foreign exchange effect, essentially due to the appreciation of the US dollar.
On a like-for-like basis:
- France posted brisk business growth of 9.7%, propelled by good performances from the Duty Free segment on the back of network modernization and the dynamism of the regional platforms, as well as by sustained growth in Foodservice further to the opening of new points of sale at Toulouse airport in 2018.
- The EMEA region (excluding France) posted solid growth (up 5.7%), mainly thanks to rising air traffic and good sales performances in Eastern Europe – especially Romania and Bulgaria – as well as a positive network effect in Italy linked to numerous point-of-sale openings in 2018.
- Good growth momentum in the United States (up 5.3%) was led by strong sales performances and by network expansion, especially in Foodservice.
- The Asia-Pacific region reported solid growth (up 7.8%), powered mainly by organic expansion in Asia as well as a sustained positive network effect in China. Business held firm in the Pacific region, with the opening of the concession at Christchurch airport in New Zealand offsetting an unfavorable network effect in Australia.