Hellenic buoyed by new shops and consolidation

Nicole Mezzasalma

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The Greek duty-free operator’s sales were up by more than 90% in the first six months of 2008

Sales at Hellenic Duty Free Shops (HDFS) reached €260.6m ($383.7m) in the first half of 2008, an increase of more than 90% compared with the previous corresponding period. The results were boosted by the consolidation of Elmec Sport, which was acquired in October 2007 and contributed €113.9m ($167.7m) in sales to the group.

The travel-retail side of the business achieved a 5.3% increase in sales to €107.4m ($154.2m) in the six months to June 30 2008. Duty-free sales were up 5.4% to €42.4m ($62.3m) in the period. HDFS' performance was boosted by the opening of new stores at Athens International airport, including a Triton electronics outlet in the duty-free zone and two new stores in the Schengen commercial area: a Power Teams shop memorabilia shop and a multi-brand fashion and accessories outlet offering brands such as Boss, Armani Jeans and Diesel.

Confectionery and fine foods sales improved by 13.8% to €12.2m ($17.9m), while sales of luxury goods and other products grew by 6.6% to €18.9m ($27.8m) and fragrances and cosmetics sales were up 5.4% to €45.3m ($66.5m). Spend per passenger increased marginally to €11.52 ($16.93)

HDFS holds the exclusive rights to operate existing and future duty-free shops in Greece. The company manages 90 stores in 44 locations, including 21 airports, 11 border crossings and 12 ports.