Dufry: Q3 results just below expectations
(CercleFinance.com) - Dufry last night reported Q3 results that fell slightly short of expectations, causing it to lose some ground on the Zurich stock exchange on Thursday.
The world's leading airport retail and duty free operator reported organic revenue growth of 58.6% in the quarter to 2.11 billion Swiss francs, albeit short of the consensus (2.15 billion Swiss francs).
Current EBITDA came in at 236.7 million Swiss francs in the quarter, bringing it to 463.7 million for the first nine months of the year, representing an operating margin of 9.2%.
Dufry said that it was "well positioned" to generate sales of 6.6 to 6.7 billion Swiss francs this year, with an expected current Ebitda of 560 to 580 million Swiss francs.
Little reaction from investors, however, with Dufry shares - which hit a two-year low this summer - down 0.8% on the Zurich Stock Exchange, pretty much in line with the index.
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