Following the split of Autogrill in a separate restaurant division and an independent duty free branch, the shares of the duty free division will be traded on the Borsa Italiana. The company says it is still doing well, despite the economic crisis in Europe.
Merger of duty free no longer an option
The board of directors of Autogrill has chosen the electronic stock market Borsa Italiana for the listing of the shares of World Duty Free (WDF), when the split of Travel Retail and Duty Free is completely handled. This would also mean that a merger with another big player in the duty fee business is no longer an option.
The decision still has to be approved at the WDF stockholders’ meetingin the beginning of June, but since Autogrill owns all shares, this is only a formality.
Almost status quo in the first quarter
From the quarterly results announced by Autogrill, it looks like the company is succeeding in limiting the consequences of the lasting economic crisis: the consolidated turnover was 1,239.6 million euro, 0.2% lower than in the same quarter of the previous year. Traditionally the first quarter is the weakest for Autogrill.
Especially the activities at airports are performing well (restaurants and duty free). Autogrill has the United Kingdom and the United States to thank for this status quo, because on the European mainland – especially in Italy and Spain – the group is suffering from the crisis and lower consumption.