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Dufry sales more than double on travel rebound, Autogrill acquisitionv

by Staff GBAF Publications Ltd
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Dufry sales more than double on travel rebound, Autogrill acquisition

(Reuters) – Swiss duty-free retailer Dufry on Wednesday reported a 113.4% jump in its first-quarter turnover, beating market estimates, aided by its acquisition of Italian motorway caterer Autogrill and growing global travel demand.

The retailer, which operates more than 2,300 shops at airports, on cruise liners, in seaports, and other tourist locations worldwide, has been benefiting from a strong rebound in global travel, particularly in Europe and the U.S., since pandemic-related lockdowns were lifted around the world.

The company, which runs shops at airports, on cruise liners, in seaports, and other tourist locations worldwide, posted a turnover of 2.35 billion Swiss francs ($2.64 billion) for the first quarter, up from 1.12 billion Swiss francs a year earlier.

Dufry launched a mandatory takeover offer for all shares of Autogrill in February after closing the deal to buy a 50.3% majority stake from Edizione. It last week extended the tender period until May 18.

Turnover in the Asia-Pacific region jumped 276.9% in the first quarter, boosted by the easing of restrictions in China.

 

(This story has been corrected to remove the word ‘beat’ from the headline as no consensus was provided)

($1 = 0.8889 Swiss francs)

 

(Reporting by Ozan Ergenay and Anastasiia Kozlova; Editing by Kim Coghill)

 

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