Dufry revenue contracts 80% in 3Q2020, Asia Pacific worst affected

Dufry reported (03-Nov-2020) revenue of CHF487.0 million (EUR455.6 million) in 3Q2020, a decrease of 79.7% year-on-year, due to reduced passenger traffic across most airports globally due to the coronavirus crisis. Revenue highlights include:

• EMEA: Organic revenue decline of 80.2%. Performance improved in Jul-2020 and Aug-2020 across most locations in Europe, especially in Southern Europe at the beginning of Aug-2020 during the summer season and supported by the lifting of travel restrictions. From the end of Aug-2020 onwards, some countries such as Spain, France, and UK saw increased COVID-19 cases, resulting in renewed travel limitations, which were more broadly introduced across Europe starting from the end of Seo-2020;
• Asia Pacific: Organic revenue decline of 88.8% as the Dufry footprint in the region is geared towards international travel, which is still highly impacted. The majority of shops in Dufry's Asia Pacific locations were still closed in 3Q2020, including Australia, Cambodia, Indonesia, Singapore and South Korea. China is "recovering more strongly" in the region and globally, driven by "significantly" increasing demand in domestic travel since 2Q2020. Dufry added that it benefitted from this with its portfolio of duty paid businesses;
• Central and South America: Organic revenue decline of 82.7%, with Central America and the Caribbean, including Mexico, Dominican Republic and the Caribbean Islands performing "more robust" compared to all other regions, driven by intraregional travel from the US and South America, especially during summer 2020 with continued demand due to more flexible travel conditions;
• North America: Organic revenue reduction of 74.9%, with the region, especially the US, performing above the group average due to the higher exposure to domestic travel and steadily increasing passenger numbers and despite some weather-related negative impacts. Canada remained negatively impacted due to higher exposure to international travel and ongoing travel restrictions. [more - original PR]