High rents and exchange rates hit Nuance

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The Nuance Group owner Stefanel has reported a disappointing performance for the airport retailer and anticipates similar troubles this year

The Nuance Group’s Italian parent company Stefanel has reported a lower-than-expected performance for the airport retailer in 2004, with earnings before interest, tax, depreciation and amortisation falling Eu0.6m ($0.78m) to Eu23.7m ($30.78m). The group said that passenger growth had been offset by exposure to high airport concession charges and exchange rates.

Stefanel forecast a similar situation in 2005, but maintained The Nuance Group’s 2006 sales target of Eu630m ($818.2m) while reducing the overall company sales target by Eu30m ($39m) to Eu900m ($1.17bn).

Stefanel reduced its net loss from Eu11.4m ($14.8m) in 2003 to Eu8.4m ($10.9m) last year.