Global airport and travel retailer Lagardère Travel Retail (LTR) reported a 7.7% drop in group revenue to EUR3.41 billion (USD4.18 billion) in 2017, due largely to divestment of press distribution activities.
Revenue from its core airport and travel retail operations increased by 9.1%, helped by acquisitions of duty-free operations in Poland and Estonia.
In the fourth quarter of 2017, group revenue decreased by 4.9% to EUR866 million. France saw network expansion of the LTR food service activities, the success of its new Relay concept stores, and strength in the duty-free segment spurred by modernisation of stores at Nice Côte d'Azur International Airport.
Store openings at airports in the Czech Republic, Poland, and Switzerland also boosted the bottom line in the fourth quarter, as did the launch of retail operations at the new Blaise Diagne International Airport in Dakar, Senegal, in December.
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