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01 The Moodie Davitt e-Zine 246
02 Estée Lauder
03 Contents
04 Coty
05 Travel retail highlights
06 OTG
07 Travel retail highlights
08 Montblanc
09 Travel retail highlights
10 Daniel Wellington
11 Travel retail highlights
12 Peuch & Besse
13 Travel retail highlights
14 Dufry
15 Travel retail highlights
16 Dubai Duty Free
17 Travel retail highlights
18 T Galleria by DFS, Auckland
19 Butlers
20 Craft spirits special report
21 Patron
22 Craft spirits special report
23 Tito's
24 Craft spirits special report
25 Halewood
26 Craft spirits special report
27 Whyte & Mackay
28 Craft spirits special report
29 Rogue Society
30 Craft spirits special report
31 Loch Lomond
32 Craft spirits special report
33 Chase Distillery
34 Sense of Place
35 Stock Watch
36 e-Zine Specials
37 The Front Line
38 The Trinity Forum
39 The Foodie Report
40 Lagardere
41 Food & Beverage highlights
42 Dufry
43 The Foodie Report feature: Pink Fish
44 Moodie Insights

DATA ROOM


STOCK WATCH

14 SEPTEMBER 2018


The Moodie Davitt Stock Watch serves as an indicator of overall business confidence in the global travel retail & duty free industry. Share prices of major publicly listed companies that own travel retail operations are monitored on a weekly and year-to-date basis to offer an indication of business confidence in the sector.

Shares in Hudson surged +17.4% in the period tracked here (closing prices on 28 August and 11 September), continuing the Dufry subsidiary’s strong recent performance. A record high of US$22.46 has been set, and Hudson is now trading relatively well following a poor start on the New York Stock Exchange since launching in February.

The story was not the same for the majority of the other travel retail-related companies we follow, not least Hudson’s parent company Dufry. Shares in the retailer fell -4%, and are now down -20.2% since the start of 2018.

Shares in The Shilla Duty Free parent Hotel Shilla, China Duty Free Group parent China International Travel Service and Japan Airport Terminal Co were down -6.2%, -4.8% and -4.2% respectively. All three of the Asian companies have a positive year-to-date differential however, at +13.9%, +40.4% and +13.4% respectively.

Shares in DFS co-parent LVMH tumbled -7.9%, but remain +15.6% ahead of their 1 January price. The company recently posted a +10% year-on-year increase in first-half 2018 revenue, to €21.8 billion. The Selective Retailing business group, which includes DFS, posted organic revenue growth of +9% (+15% excluding the closure of DFS concessions at Hong Kong International Airport). Profit from recurring operations was up +39%.

Among the food & beverage businesses we monitor, shares in Elior Group dropped -8.8%. Subsidiary Areas was awarded an eight-year contract to open seven new establishments at Malaga Airport earlier this month. Elior has struggled in 2018, with shares down -24.9% since the start of the year.

Autogrill has also struggled this year, but saw a small +1.9% increase in the current period for a new year-to-date differential of -21.9%. In late July, the company reported +5.2% year-on-year consolidated revenue growth in the first half of 2018, to €2.1 billion. Like-for-like revenue growth was +3.9%, and was largely driven by a strong +5.3% increase at airports.


The Moodie Davitt e-Zine | Issue 246 | 14 September 2018