Strong sales to bolster Hellenic stock

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Greek operator Hellenic Duty Free shops has announced improved sales of E10.7m ($11.4m) in January - a 19% increase on the same month last year, further improving the outlook for the company

The figures continue the trend set last year by Hellenic, when its shops achieved annual sales of ?197.6m ($210.2m), up almost ?30m ($31.9m) on the previous year.

The news should further improve Hellenic's value, already buoyant on the back of speculation that a consortium including Greek jewellery retailer Folli Follie is looking to buy a 40% stake in the group at a premium to the current price. Shares in Hellenic have risen 10% since the end of January.

Sources suggest that the consortium has made a final, improved offer for Hellenic. The operator's main shareholder Agricultural Bank is expected to make a decision on the offer Friday.