Gate Gourmet sells interests in Portugal to Newrest
Gate Gourmet, a member of gategroup, announced it has sold its interests in Portugal to Newrest, effective immediately. Details of the agreement remain confidential. Gate Gourmet operated a wholly owned facility at Lisbon Airport and was in a 50/50 partnership at Funchal Airport in Madeira, with both interests now transferred to Newrest. Gate Gourmet divested its stakes as it did not "fit with the network strategy". Shares in gategroup finished 1.8% lower on Monday.
UAE's Dubai Duty Free has reported a 13% year-on-year increase in duty free sales to AED1250 million (USD343 million) in the first three months of 2011, driven by the excellent passenger traffic performance in the region. The company is looking at increasing sales by at least 10% this year.
Selected airport duty free and retail share price movements (% change): 04-Apr-2011