Positive traffic trends lift Autogrill Group revenues in key markets

INTERNATIONAL. Travel restaurateur Autogrill Group today reported its year-to-date financial performance to 31 August, with revenue marginally topping €1.5 billion. The number represented a +9.3% turnover rise at constant exchange rates against the same months of 2020 (+6.1% at current exchange rates).

The company said that the improvement has been driven by improving traffic trends at airports in the US and on motorways across all geographies on the back of the progress of the vaccination campaign.

As of 31 August, 71% of Autogrill outlets across the world have reopened after widespread closures due to the COVID-19 pandemic.

The consolidated revenue performance for the year-to-date to 31 August 2020 (click to enlarge)

The improving traffic picture is reflected in August revenues, which were up +58.9% at constant exchange rates measured against August 2020.

Autogrill attributed its improved net financial position (€139.7 million as of 31 August) to the disposal of its US motorways business in July and benefiting from positive cash generation during the summer period.

Providing a trading update for the first 19 days of September, Autogrill confirmed the improving traffic trends with Group revenue as of 19 September up by c.+25% for the year-to-date at constant exchange rates versus the same period of 2020. Meanwhile, for the week ending on 19 September, revenues were up by c.+90% year-on-year at constant exchange rates.

Revenue performance by channel (click to enlarge)

Looking at the regional picture, Autogrill reported a +25.6% rise in revenues in North America – where some 64% of stores have reopened – for the year-to-date up to 31 August. For the month of August, revenues are up by +166.4% against August 2020.

For the International division, where 57% of stores are now open, Autogrill like for like revenue performance stands at -47.7% in the year-to-date. However, a much-improved result has been reported for the month of August, with revenues up +87.5% against August 2020.

Finally, in the Europe division (92% of total stores now open), like for like revenue performance stands at +15.7% for the year-to-date and +17.3% for the month of August.

During the year so far, Autogrill has had a series of new openings at Salt Lake City and Las Vegas McCarran airports but said these have been partially offset by footprint rationalisation across all geographies.

Food & Beverage The Magazine eZine