Aelia and Relay post good first-half growth

Results of survey
A	38.1 %
B	6.3 %
C	25.4 %
D	9.5 %
E	11.1 %
F	9.5 %

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Andrew Pentol

28-Jul-2008

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Lagardére Group’s first-half results show good progress for the two travel-retail subsidiaries

Lagardére Group has reported a 3.6% increase in like-for-like sales for the six months ended June 30. The company registered a 3.8% decrease in consolidated revenues to €3.8m ($6m) on a reported basis, primarily resulting from the divestment of assets including some of its Virgin stores and the strength of the euro against the US dollar.

Retail division Lagardére Services recorded revenues of €1.7m ($2.7m) in the second quarter of the year, which represents a drop of 4.2% year-on-year on reported revenues, although growth on a like-for-like basis was 5.8%.The company said that revenues “advanced across all countries” as a result of new store openings, and that the second quarter growth came on the back of a solid performance in the first quarter.

Retail operator Aelia is still benefitting from the upturn in air traffic, the company said, and the Relay chain has also had a good quarter. In Eastern Europe and other emerging markets, the company revealed a significant growth in revenues, and reported “modest growth” in Spain, Belgium and Switzerland, the latter enjoying the best performance.

Lagardére Services indicated that the opening of the new outlets should ensure the division records growth ahead of the market in the second half of the year, although it expects a deterioration in market conditions.

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