Hellenic notes triple-digit growth in first quarter of 2008

Nicole Mezzasalma

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The duty-free retailer’s sales were up 113.4% to €113.4m ($178.4m) in the first three months of the year

Greek retailer Hellenic Duty Free Shops (HDFS) has registered an increase of 113.4% in sales to €113.4m ($178.4m) in the first quarter of 2008 compared with the previous corresponding period. The company attributed the good result to the consolidation of its acquisition of Elmec Sport, which contributed sales of €56.2m ($88.3m) in the period. EBITDA grew 68.2% to €15.7m ($24.7m).

HDFS subsidiary Hellenic Distributions recorded a rise of 6.1% in consolidated sales to €18.6m ($29.2m), while jewellery company Links of London’s sales were up by 17.2% to €14m ($22m). The company pointed out that Links’ results were negatively affected by currency exchange rates, and that in pounds sterling the increase was 32.2% compared with the first quarter of 2007.

Hellenic added in a statement that it estimates consolidated sales will reach about €636m ($999.7m) in 2008, while EBITDA for the year will be between €94m and €99m ($147.7m and $155.6m).