Revenue

Travel Retail & Duty-Free closed the year with revenue of €2,002m, an increase of 5.2% with respect to the previous year’s €1,820.8m (+10.0% at current exchange rates), thanks in particular to the excellent performance of shops in the UK, Latin America and the Middle East.

In the United Kingdom revenue came to £779.9m, compared with £746.1m in 2011 (+4.5%). Against traffic growth of just 1.2%39, this improvement results from the substantial increase in average spending per passenger, thanks to the constant adjustment of commercial offerings in order to capture the attention of travelers flying outside Europe who tend to spend more and to prefer higher-ticket items.

Sales at Heathrow Airport, totaling £372.2m, increased by 4.2% in comparison with traffic growth of 0.9%. Gatwick also did well, with sales up by 8.4% on the previous year against a 1.6% rise in traffic, thanks to the opening of new walk-through stores in the South Terminal and the increase in flights to non-European destinations (mainly China, Turkey and Korea). Manchester closed the year with sales growth of 4.9%.

Revenue from Spanish airports in 2012 came to €544.4m, an increase of 2.3% on the previous year (€532.1m), despite the steep decline in passenger traffic (-5.0%40). The best performance was Barcelona41, where revenue growth of +11.9% strongly outperformed the 2.2% increase in traffic, due to the larger volume of passengers with non-European destinations which translated into higher average spending per person. At Madrid, sales fell by 4.5% to €169.5m, versus negative traffic growth of 9%. In 2012 this airport was affected by the Spanair crisis, strikes by Iberia personnel, and the elimination of various flights, but here too, the increased spending per passenger helped mitigate the decline in traffic. Results were good at the airports serving tourist destinations.

Sales in other countries42 came to €449.2m in 2012, up from €386.8m the previous year (+9.7%, or +16.1% at current exchange rates), despite the closure of locations at Orlando and Atlanta airports. Adjusting for those closures, revenue on a like-for-like basis would have increased by 13.5% (+19.9% at current exchange rates). Of particular note is the excellent performance of Vancouver (+24.8%), thanks to the higher number of flights to Asia and despite the expansion work carried out in the spring. Sales growth was also significant in Chile (+23.6%), Mexico (+21.8%), Peru (+21.9%), Kuwait (+20.6%) and Jordan (+20.5%).

39Source: BAA, Manchester Airport and Gatwick Airport, January-December 2012.
40Source: AENA, January-December 2012.
41Source: AENA, January-December 2012
42Mexico, Jordan, Chile, Canada, Kuwait, Peru, United States, Dutch Antilles, France, Cape Verde, Panama, Sri Lanka, India and Italy.