Dufry annual turnover jumps as international travel rebounds

SWISS duty-free retailer Dufry on Tuesday (Mar 7) reported 76.1 per cent organic turnover growth, supported by recovering travel volumes as global pandemic restrictions were lifted.

The company, which runs shops in airports, on cruise liners, in seaports and other tourist locations worldwide, posted turnover of 6.88 billion Swiss francs (S$9.9 billion) for 2022, up from 3.92 billion francs a year earlier. However, it was still 22 per cent below the pre-pandemic 2019 level of 8.8 billion francs.

The retailer has been benefiting from a strong rebound in global travel, particularly in Europe and the US, after restrictions imposed to tackle the Covid-19 pandemic were lifted.

Following in its 2021 footsteps, Dufry’s management decided against proposing a dividend for the 2022 financial year, saying this would enable them to focus on strengthening the company’s financial position and on closing the business combination with Autogrill.

The group, which operates in 75 countries, also confirmed its medium-term outlook for 2023 to 2027. REUTERS