Dufry’s first quarter of 2022 was characterized by continuous improvements during January and February, resulting in increasing sales trends in most regions globally from March onwards. Turnover reached CHF 1.12bn, organic growth of 144.5% compared to the previous year.
Performance during Q1 was driven by significant progress across EMEA and positive contributions from the Americas, especially the US and Central America & Caribbean. Over 1,960 shops were open globally by end of March 2022, representing around 85% of stores and more than 90% of 2019 sales potential. Uptake in commercial activity with 21,915 m2 of new and renewed retail space signed during the first quarter.
Julián Díaz, CEO of Dufry Group, commented: “Until the last week of January, the first quarter was still impacted by some travel constraints. Since February, we have seen an easing of restrictions and general improvement in the health situation. This translated into an immediate uptake in travel, and travel retail as an integral part. The positive trend has so far continued into April and May, with contributions from nearly all regions globally.” Comparing February year-to-date and April year-to-date, Dufry’s turnover has more than doubled. Within EMEA, the best performing region has been the Mediterranean, but also Southern Europe and the UK have significantly progressed. Looking at the Americas, Central America & Caribbean, as well as the US continued to trend above the group average.
The regional performance also started to be supported again by Dufry’s South American operations, especially by Argentina, Colombia, and Ecuador. Whilst most regions globally are experiencing an increasing sales trend, most of the APAC countries are still adhering to a zero-Covid policy. Consequently, most of the operations, which cater to international passengers, continue to be closed.
The regional net sales split mirrors the current travel patterns and saw Europe, Middle East and Africa contributing with 46.1%, Asia-Pacific with 2% and the Americas with 49.5%.
In the normally cash negative first quarter, Dufry’s Equity Free Cash Flow (EFCF) performed substantially better versus prior year and a historical first quarter comparison. EFCF progressed and came in at CHF -86.8 million in Q1 2022, compared to CHF -219.3 million in Q1 2021 and CHF -123.0 million in Q1 2019.
