Hellenic Duty Free Shops earnings rise 12.9%

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The Greek operator reports slight growth in turnover despite the growth in pre-tax earnings

Hellenic Duty Free Shops (HDFS) has reported 12.9% growth in pre-tax consolidated earnings, after minority interests, from Eu51.7m ($68m) in 2003 to Eu58.3m ($76.7m) in 2004. Turnover for 2004 increased by 1.5%, reaching Eu234.8m ($308.9m). The company forecasted an improvement in results for 2005, with turnover expected to reach Eu265m-270m ($348m-355m), while earnings before tax and after minority interests are predicted to rise to Eu61m-63m ($80.2m-82.8m).

HDFS invested Eu7m ($9.2m) in its operations over 2004, the year of the Athens Olympic Games. The company opened seven new stores, upgraded and expanded 18 stores, operated five Olympic stores, and added 3,800sq m (40,888sq ft) of warehouse space. The company also strived to contain operational expenses and reduced costs to 29.7% of sales compared to 30.8% in 2003.

The consolidated results of 2004 do not include figures from Efsimon and Efsimon Collections and therefore accounts for the fiscal year are not comparable with 2003. The results for 2004 also include a one-off profit of Eu1.7m ($2.3m) from the sale of Efsimon and Efsimon Collections.