Swiss duty-free retailer Dufry on Wednesday reported a 113.4% jump in first-quarter turnover, supported by its acquisition of Italian motorway caterer Autogrill.

The retailer, which operates more than 2,300 shops at airports, on cruise liners, in seaports and other tourist locations worldwide, has benefited from a strong rebound in global travel, particularly in Europe and the U.S., since pandemic-related lockdowns were lifted.

The company reported a 113.4% jump in its first-quarter turnover to 2.35 billion Swiss francs ($2.64 billion), compared with 1.12 billion a year earlier.

Sales in the Asia-Pacific region soared 276.9% in the quarter, driven by the easing of restrictions in China.

The quarterly sales were 10% ahead of consensus, J.P.Morgan analyst Harry Gowers said in a note, but added no changes to outlook might dampen the share reaction.

“We wouldn’t be surprised if the shares are muted today having had a strong rally into results and no upwards changes to guidance,” Gowers said.

Dufry expects positive developments throughout 2023, but said it maintained a “prudent approach”, considering potential changes in the economic environment, operational challenges and impacts on consumer sentiment and travel spending.

Its shares were flat in early trading.

Dufry completed the deal to buy a 50.3% stake in Autogrill from Edizione in February, followed by a mandatory takeover offer for all shares.

“Autogrill integration and initiatives to realise full synergies underway,” it said, adding the mandatory offering was progressing as planned. ($1 = 0.8889 Swiss francs)

(Reporting by Ozan Ergenay and Anastasiia Kozlova in Gdansk; Editing by Kim Coghill, Milla Nissi and Louise Heavens)

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Tags: earnings