USA. Dufry-owned travel retailer Hudson Group experienced a tough first day of trading on the New York Stock Exchange. The company made its debut with 39.42 million Class A shares available, priced at US$19. They closed -7.37% down at US$17.60.
Hudson Group CEO Joe DiDomizio was joined by fellow group executives, including Dufry CEO Julián Díaz, as he rang the opening bell at 09.30am in New York.
Hudson Group runs nearly 1,000 stores across 88 locations in North America, spanning news & books, duty free, speciality stores and food & beverage.
Yesterday saw fluctuating fortunes on the New York Stock Exchange. The Dow Jones industrial average closed 37.32 points higher at 26,186.71, having risen as much as 157.31 points and traded at one point 134.95 points lower. Sentiment was lifted by Apple posting record quarterly sales of US$88.3 billion for the final three months of 2017, beating its own forecast. It also turned a record $20 billion profit.
Click here to watch DiDomizio (above) interviewed on camera yesterday at the New York Stock Exchange by US financial media The Street.
Asked what the group plans to do with funds raised by the IPO, DiDomizio responded: “The proceeds in Dufry are for deleveraging and I am sure they are going to be expanding in many markets around the world – and I think that’s the primary purpose. For us (Hudson), we’re very cash healthy. We’re going to continue to grow in the terminals we are. There are plenty of opportunities to expand in those terminals. And we have so many concession opportunities in our pipeline that we are working on.”