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Leading travel retailer registers record sales for Q1
May '08
The Nuance Group recorded sales of CHF 387.3 million, a result 9.7% above last year when restated to eliminate exchange rate impacts and operations closed in the first quarter of 2007 in Copenhagen and Vancouver. EBITDA was above forecasted levels, closing 45.0% better than EBITDA recorded for the first quarter in 2007.

The Nuance Group saw growth in sales compared to last year in Hong Kong, Singapore, across European operations and in North America.

Singapore in particular showed strong growth following the opening of Terminal 3 at Changi Airport, whilst Hong Kong continued to benefit from good passenger volumes and strong passenger spend.

In Europe, operations were well above last year in Switzerland and Turkey, again driven by strong sales and passenger spend.

The Nuance Group also started operations in India during the quarter with commencement of operations at Hyderabad airport. Bangalore airport, the other Nuance duty free operation in India, will open during the month of May.

Commenting on the results for the First Quarter, The Nuance Group President & CEO Roberto Graziani said: "Results for the first quarter are well ahead of last year and better than forecasted.

We expect to build on this successful start to the year and we are committed to beat the challenging targets that we have set for ourselves for 2008, despite the current unfavourable economic environments."

The Nuance Group

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