Hellenic Duty Free Shops posts 12.6% turnover rise

Print Article E-Mail Article

The addition of the fashion category and increased tourism levels have driven a rise in turnover in the first half at Hellenic Duty Free Shops

Hellenic Duty Free Shops (HDFS) has posted a year-on-year increase in turnover of 12.6% to €97.9m ($116.5m) for its duty-free outlets in the first half of 2005. Pre-tax earnings grew by 10.4% to €23.5m ($27.9m).

HDFS investor relations manager Theodore Gitzos told DFNI that the fashion category, which was added to the retailer's portfolio for the first time in June 2004, has been a key contributor to the turnover growth. He also cited a surge in passenger traffic during May and June as a welcome surprise.

Gitzos said: "Traffic started to pick in the last two months of the first half and tourism has been better than we anticipated. A lot of the hotels and tourism operators have told us that hosting the Olympic Games last year has given the country good publicity, and it is therefore attracting more visitors."

Consolidated group turnover—incorporating Hellenic's business beyond travel-retail—dropped by 9.6% to €102.8m ($122.38), although the company pointed out the half-year results are not easily comparable because of the sale of subsidiary Efsimon late last year. If the results of Efsimon were removed, turnover would have increased by 12.3%. Consolidated earnings after tax and minority interests increased by 2.1% to €15.5m ($18.45m).