Airports show recovery in Autogrill results

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Milan-based travel-retail group Autogrill this week posted a third-quarter net profit of ?54.1m ($53.0m), down 12% from a year earlier after one-off charges and currency weakness in the US

Total sales for the quarter fell 1.4% to ?900.8m ($883.1m) but strong results came from HMSHost in North America where turnover grew by 6%. In the North American airport channel sales were up by 4.3% on a like-for-like basis against a 8.3% decrease in traffic. Sales in Italian airports were down by 5.1% in the year to date, due to long-standing poor conditions said Autogrill in a statement. Group sales during the first nine months of 2002 totalled ?2,427m ($2,397.4m), a 1% increase.

In Europe the summer months confirmed good trends in France where sales were up 6.5% and Spain (up 18.4%). During the period the group added the Milwaukee airport food & beverage concession. New stores in Roma Termini station fuelled sales growth of 23% in the Italian rail station business.

Autogrill president and chairman of the Benetton family holding company Edizione Gilberto Benetton said in September that 2002 results should be at least in line with last year, thanks to a strong performance from HMSHost in the US.