World Duty Free sees solid sales rise starting 2015
World’s second largest travel retailer, Italy’s World Duty Free (WDF), started 2015 with a solid sales rise of 19.5% by the end of February, subsequent to achieving its target by earning €2.4bn (£1.6bn) in 2014, a rise of 15.8%.
On the other hand, net profit decreased from €110.8m in 2013 to €41.5m in 2014.
Last year's growth rode mainly on the back of the European region, especially Spain, which showed an increase of 22.5%, despite disruption due to restorations in its airports. Sales in Spanish airports rose by 14.1% earning €595.5m.
Double-digit growth as well as increase in sales for the sixth consecutive quarter were the result of new operations garnered at Los Angeles, San Francisco, Belem in Brazil, London Heathrow T2, the French side of the Eurotunnel, Helsinki and Saudi Arabia's Riyadh and Dammam.
Heathrow airport, London, however, reflected a 2.4% fall in sales because of geopolitical tensions and a volatile currency.
Sales in US airports touched €148.9m in 2014, as opposed to €44.8m between September and December of 2013.
In Asia and the Middle East, revenue amounted to €172.9m, up 7.9% on constant exchange rates. This growth was mainly driven by Jordan, where sales increased to €83 m, up 14.3% on constant exchange rates.
In rest of Europe sales reached €737.6m, an increase of €52.7m compared to 2013, out of which, €52.7m was from wholesale and its museums and palaces business, which rose 25.5% compared to 2013.
Meanwhile, in search of a partner, WDF might tie up with the Benetton family of Italy, which expects something to come through soon this month, inside sources revealed.
Image: World Duty Free reports solid sales in 2015. Photo courtsey of World Duty Free.