FRANCE. Lagardère Travel Retail revenue hit €802 million in Q1 2018, up by +11% like-for-like (+5.2% on a consolidated basis) compared to the same period last year.
The difference between like-for-like and consolidated figures reflects a negative €36 million foreign exchange effect due mainly to the depreciation of the US Dollar. It also reflects a negative €8 million scope effect, chiefly attributable to the divestment of Distribution activities in Hungary, partially offset by the consolidation of IFS Duty Free stores in Poland.
On a like-for-like basis, business in France climbed by +2.1%, despite the negative impact of foreign exchange rates on spending by international passengers in duty free. Growth was led mainly by the regional airports, boosted by the modernisation of stores, particularly in Nice, as well as by food service activities.
The EMEA region (excluding France) posted growth of +15.6% like-for-like, due to the impact of new stores opened in Geneva, Gdansk and Dakar, and to a strong sales performances in Eastern Europe.
North America reported growth of +1.7% (like-for-like), powered by momentum in travel essentials and food service.
The Asia Pacific region delivered robust growth (+34.4%). The Asia region continued to benefit from the launch of the new Hong Kong concession and from buoyant sales in fashion stores in China, while the Pacific region was buoyed by growth in duty free in New Zealand.
Distribution activities, which were wholly divested on 7 February 2017, no longer contributed to division revenue in 2018.