Dufry's Q1 2020 Reveals Travel Retail Slowdown

Travel retail's slide is a global issue.
Travel retail's slide is a global issue.

Dufry’s Q1 2020 turnover reached CHF 1,438.7 million, a drop of 20.8% year-over-year in constant FX, driven by a significant reduction in passengers flow in airports, cruise lines and touristic destinations globally. Organic growth for the period dropped 21.4%. Turnover reached CHF 1,438.7 million, down 23.6% year-over-year. 

Report: COVID-19 & retail.

Monthly results showed the true trend of the drop. January organic growth actually rose 0.8% year-over-year, while February dropped 2.3% due to a slowdown in Asia. In March, meanwhile, sales fell 55.9%.

Sales by region:

  • Europe and Africa turnover: CHF 534.8 million, down 20.3% year-over-year
  • Asia-Pacific and Middle East turnover: CHF 213.2 million, down 30.2% year-over-year
  • North America turnover: CHF 330.2 million, down 24.0% year-over-year
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