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Can an expanded Dufry give Autogrill a run for its money?

Swiss retailer, Dufry, has reported a 4.2% 1H08 increase in sales turnover to SFR934.8 million (USD850.5 million). Before currency re-conversion, the company says that the increase would have been 15.3%. At the same time, EBITDA (before other operational results) grew by 31.4% before currency effects. After re-conversion, EBITDA rose by 14.8% to SFR121.6 million (USD110.6 million), compared to SFR105.9 million (USD96.3 million) in the previous corresponding period (pcp), resulting in an EBITDA margin increase of 1.2 percentage points from 11.8% to 13.0%. At the same time, it has required the remaining equity in the notably profitable Hudson Group.

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