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Revenue: €3.0bn (€2.9bn as of 31 August 2016), +3.2% (+2.7% at constant exchange rates)
- Like-for-like revenue growth +3.4%
− North America: like-for-like and acquisitions drive revenue growth
− International: double-digit like-for-like increase, coupled with net new openings
− Europe: ongoing effects of portfolio rationalization partially offset by like-for-like growth
- Strong performance at airports, with +8.4% revenue growth
Autogrill posted in the first eight months of 2017 revenue of €3.0bn, up 3.2% (+2.7% at constant exchange rates)[1]-[2], driven by like-for-like growth (+3.4%) and the positive effects of the acquisition of last year (+1.9%, net of disposals).
The like-for-like growth was very positive, despite a softer contribution from North America during the summer due to the comparison with the very strong performance in the same period of 2016 and some signs of softening consumer spending in the restaurant industry.
The balance of openings and closings is down by 2.3%, with the new openings partially offsetting the selective renewals in Italy and the reduction of perimeter at Tampa airport in the US.
The acquisitions and disposals, made to optimize the Group’s portfolio, have a net positive impact of 1.9%: the acquisitions of the second half of last year in the US had an impact of €54m in first eight months of 2017, while in 2016 the revenue of the French railway stations business, sold in June 2016, amounted to €26m.
Revenue growth benefited from a favorable currency effect of +0.4%; the period was also marked by a calendar effect of -0.3%, mainly due to the fact that 2016 was a leap y
These positive results were supported by the excellent performance at airport channel, where revenue rose by 8.4% in the period (+7.7% at constant exchange rates), mainly due to the sustained growth trajectory in the United States and in International area. The airport channel posted a like-for-like growth of +5.5%.
In the motorway channel revenue decreased by 1.2% (-1.5% at constant exchange rates), mainly due to the store closures associated with the network rationalization in Italy. Like-for-like performance growth was +1%.
Sales for Other Channels grew 0.9% on a like-for-like basis, while overall Other Channels significantly decreased due to the disposal of the French railway station business, as well as the exit from certain point of sales in the US shopping malls and a few downtown point of sales in Italy.
[1]Data converted using average FX rates: FX €/$ August 2017 YTD avg. 1.1045 and August 2016 YTD avg. 1.1155.
[2]At the beginning of November 2016, the Group finalized the disposal of its operations on Dutch motorways, which constitute a Cash Generating Unit. Therefore 2016 revenue does not include the Dutch motorways business, which is stated separately as required by the accounting standard IFRS 5.