Stronger day for duty free and retail shares
Shares in airport duty free, catering and retail companies were up across the board on Monday, led by a 6.5% increase in gategroup shares. Last week, the company reported a 2010 net profit of CHF50.7 million, up 35.6% year-on-year and expressed cautious optimism about its outlook for 2011.
gategroup announced a revenue target for 2011 of approximately CHF3.0 billion, up from CHF2.7 billion last year. EBITDA margin is targetted at 8-8.5%, roughly the same as 2010.
Also up strongly was Korean retail specialist, Lotte Shopping Co, and the consolidated beverages and spirits company LVMH.
Selected Duty Free daily share price movements (% change): 21-Mar-2011