TAP-Nuance joint venture grows sales in 2001

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Portuguese airport retailer Lojas Francas de Portugal (LFP), the joint-venture between Portuguese national airline TAP and The Nuance Group, posted Eur71.5m ($62.5m) in sales in 2001, up by 5.0% year-on-year.

LFP's earnings before interest, tax, depreciation and amortisation (EBITDA) totalled Eur3.1m ($2.7m), up by 34%. The company said it will invest over Eur1.5m ($1.3m) to open a new 906sq m (9,749sq ft) shop at the Portuguese airport of Faro in partnership with airport operator ANA, Aeroportos de Portugal. The Faro store, opening on March 21, will trade under Nuance's Travel Shopping fascia selling liquor, wines, tobacco, fragrances, cosmetics, fashion and confectionery.

• LFP manages 18 shops in continental Portugal and on the Azores islands and is the inflight duty-free retailer of TAP and the Azores carrier Sata Internacional.