DUFRY - 2Q16 RESULTS
The group has published its 2Q16 results, which disappointed in terms of organic sales. Dufry remains impacted by the material depreciation of several emerging currencies (especially RUB and BRL) which limits the purchasing power of emerging market customers, given that most transactions are made in USD, EUR and GBP. Against these adverse macroeconomic developments, the group continues its refurbishment program, opening new capacities (retail space increased by 4% in 1H16) and other commercial initiatives in order to support organic sales, but they have not been sufficient so far.
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