Hellenic sales up by 75% in first nine months

Bill Lumley

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The Greek operator reports a rise in sales for the first three quarters of the year

Hellenic Duty Free Shops (HDFS) has reported a 75% rise in sales for the first three quarters of 2008 compared with 2007, with consolidated net sales reaching €456m ($582m), up from €260m ($332m) in the same period last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) reached €76m ($97m), an increase of 43%.

But the group’s gross profit margin was down slightly from 51.9% to 48.6%, which the retailer attributed to consolidation costs arising from its acquisition of a 51.84% controlling stake in local retailer Elmec, which it bought for €115m ($219m) late in 2007.

HDFS general director George Velentzas said: “I am satisfied by the performance of all the companies of the group, especially taking into account the international turmoil we are now facing.”