INTERNATIONAL. In a trading update today, Autogrill Group reported revenue of €1,414 million to the end of August, down by -55.7% year-on-year.
The company said that it had seen “steadily improving trends” in motorways but that airports performance remains depressed, with some countries still closed for flights or imposing quarantines. In August, revenue fell by -61.2% at constant exchange rates, with 45% of all stores still closed.
Autogrill noted that the reduction of its footprint in Europe was partially offset by new openings in North America, notably at Denver, Fort Lauderdale, Las Vegas and Seattle airports. It also said that the disposal of its Canadian motorway business and the business in the Czech Republic were partially offset by the acquisition of Pacific Gateway in North America and the consolidation of JVs in Qatar, UAE and Malaysia.
By region, the performance in North America showed a like-for-like sales decline of -63.9% in the eight months, and -78.8% in August. Some 60% of stores remained closed as of 31 August.
In the International division, there was a like for like performance of -56.1% year-to-date, with revenue down by -82.2% in August, with 53% of all stores closed at month end.
In Europe, the like for like performance was -45.3% year-to-date, with revenue down -33.4% at constant exchange rates in August and with 13% of stores closed (Italy 9%; other countries 20%).
By the end of August, Autogrill said, it had €0.5 billion in cash and available credit facilities.