By Adria Calatayud
Dufry raised its guidance for 2023 for the second time this year after turnover grew in the third quarter driven by robust demand and its combination with Autogrill.
The Swiss travel retailer–which plans to change its name to Avolta following the Autogrill acquisition–said it now expects a core earnings before interest, taxes, depreciation and amortization margin of between 8.5% and 8.7% for 2023. In August, the company forecast a core Ebitda margin between 30 basis points and 40 basis points above its original guidance of around 8%.
Dufry also forecast turnover growth of 15% compared with the previous year result for the pro forma combined business with Autogrill. Currency movements are expected to reduce growth by around 5% to 7%, and the company said it projects organic growth for the year of around 20% at constant currency.
For the third quarter, the company reported turnover of 3.67 billion Swiss francs ($4.04 billion), up 73% compared with the same period last year on a reported basis. On an organic basis and compared with the results of the combined group, turnover grew 16%.
Dufry’s core Ebitda for the quarter was CHF401.7 million, with a margin of 11%. Last year, before the combination with Autogrill, the company reported a core Ebitda for the third quarter of CHF236.7 million.
Write to Adria Calatayud at adria.calatayud@dowjones.com
Read the full article here