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Hellenic first-quarter sales up 8.3%Hellenic first-quarter sales up 8.3%
Emily Pacey
25-May-2006
Greek retailer Hellenic Duty Free Shops records solid growth in the first quarter despite a fall in traffic caused by concerns over bird flu, strikes and poor weather
Hellenic Duty Free Shops posted sales growth of 8.3% to €42m ($53.7m) in the first three months of the year, despite an overall 2% decline in passenger traffic at the retailer's airport locations during the period. Earnings before tax rose by 7.4% to €8.5m ($10.9m). Consolidated earnings after tax increased by 10.1% to €5.5m ($7m) compared with the first quarter last year.Hellenic Duty Free Shops CEO Dimitris Koutsolioutsos said: "We are very satisfied with the financial performance for the quarter, since we have accomplished double-digit growth in net consolidated earnings despite the 2% decrease in passenger traffic during the period. The main factors responsible for this decrease were the bad weather conditions in the Evros region, several avian influenza cases in neighbouring countries and strikes in the airports of Athens and Thessaloniki. I would like to mention a 29% decrease in departing passengers in Kipi Evros, an 11% decrease in Promachonas and a 55% decline in Kastanies.
"The company will continue to invest in the further development of its store network. In addition we are carefully examining every prospect for expansion or cooperation, aiming at maximising returns for our shareholders."
Subsidiary Hellenic Distributions, which has operated duty-paid outlets on ships and in Greek ports since 2000, showed substantial growth. Its first-quarter sales grew by 72.3% to €4.5m ($5.8m) while net earnings increased by 61.6% to €319,000 ($407,773).
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(3-Jul-2002) - GREECE. Hellenic Duty Free Shops expects to sign a preliminary agreement by early next month to buy stakes in two Turkish border duty-free operators. A Hellenic spokesman said the company was in financial and legal due diligence to acquire 60% of a joint company, but would not confirm the names of the operators involved.