Dufry (SIX: DUFN) FY18 Results: Solid Year Despite Second-Half Headwinds, Company Expects Strengthening of Revenue Growth

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Key Points

  • Dufry reported FY18 revenues slightly ahead of expectations, with organic growth of 2.7% versus consensus of 2.4%.
  • Organic revenue growth was solid in North America, at 6.8%. Organic growth was 15.1% in the Eastern Europe, Middle East, Asia and Australia region: Management pointed to “solid performance” in Cambodia, Macau, Korea and Indonesia.
  • Management expects a gradual improvement in organic growth over FY19: In the first two months of 2019, organic growth was above 3%.

Dufry reported 2018 revenues slightly ahead of expectations, with organic growth of 2.7% versus consensus of 2.4%. Gross profit climbed 4.4% resulting in a 40-bps gain in the gross margin.

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