Dubai caps twentieth anniversary with new annual sales high

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Dubai Duty Free has announced record annual sales of Dh1.37bn ($380m) in 2003, up 24% on 2002 results

Dubai Duty Free has announced record annual sales of Dh1.37bn ($380m) in 2003, up 24% on 2002 results. The achievement follows a new monthly record of Dh149.5bn ($40m) last month, surpassing December 2002 sales by 38%.

December sales were boosted by a 20% discount on several products on December 20, Dubai Duty Free's twentieth anniversary. Sales that day reached a new daily record of Dh7.1m ($1.9m), with all proceeds donated to five local charities.

Said Dubai Duty Free managing director Colm McLoughlin: ?Throughout 2003 we constantly reviewed the retail operation and made a number of major changes. We have further plans in place for 2004 and we are looking forward to building on the success of the past year. Our turnover for the first year was Dh70m ($20m) and it is incredible to think that in December alone our sales figures are more than double that amount.?

The retailer revealed that electronics performed particularly well throughout the year, with annual sales of Dh153m ($41.6m) making it the second best-selling category behind liquor. Fragrances achieved sales of around Dh153m ($41.4m) and gold sales rose 17% over 2002 to Dh146m ($39.m), a 17% increase over last year. The most dramatic increases were seen in sunglasses, up 52%, and books, up 77%.