Hellenic lowers profit and revenue targets

Tina Milton

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The Greek operator adjusts its annual forecast to account for slow traffic during the Olympic Games in Athens

Greek retailer Hellenic Duty Free Shops (HDFS) has predicted its full year pre-tax profit and sales revenues will drop below expectations because of lower than predicted passenger levels to the Olympic Games.

Pre-tax profits are expected to decrease from the May forecast of between Eu66m ($80m) and Eu69m ($80m) to between Eu58 ($70m) and Eu60m($73m). Revenues are also predicted to slide below forecast from Eu330m ($402m) to between Eu285m ($347) and Eu290m ($353m).

HDFS explained: ?The forecast for a significant increase in tourism, especially during the Athens 2004 Olympic Games, did not happen resulting in a considerable decrease in passenger traffic in Greece and a below expectations turnout of Olympic Games spectators.?

HDFS reported a pre-tax profit of Eu52.3m ($63.7) in 2003 against revenues of Eu231m ($63.7m).