Sales up, profits down at Aldeasa

John Gallagher

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The Spanish retailer posts a year-on-year increase in sales of 4.3% during the first three months of 2005, but net profit falls sharply as a result of the recent takeover battle

Turnover at Spanish retailer Aldeasa reached €127.5m ($165.6m) for the first three months of 2005, an increase of 4.3% on the first quarter of 2004.

Net profit however fell by 60.7% to €1.6m ($2.1m) as the group met additional costs associated with the takeover bids received from the GEA consortium, Dufry Group and Autogrill subsidiary Retail Airport Finance.

Travel Value and duty-free sales in Spanish airports increased by 4.5% to €72.5m ($94.2m), reflecting increases in passenger numbers passing through the country's airports. Sales at international airports grew by an impressive 19.5% to €22.04m ($28.6m), with solid performances in all countries where the company operates with the exception of mainland Portugal, where the company plans to close its specialist music and electronic shops in Lisbon, Faro and Porto airports.

Duty-paid sales, mainly in the Canary Islands, fell by 4.2% to €21.5m ($27.9m), Aldeasa indicated that a special promotional programme will be put in place in the second quarter to drive sales at this destination.

Sales at Aldeasa's Palaces & Museums division fell by 5.3% to €5.2m ($6.8m), mainly due to lower visitor numbers at the Museo del Prado and the Reina Sofia Art Centre.