Home / Knowledge / News / Fashion / Profits up at Nuance Group in 2008
Profits up at Nuance Group in 2008
27
Mar '09
The Nuance Group released its financial results for 2008, highlighting the impact of the global economic crisis on the travel retail sector. Despite a strong growth in sales in the first half of the year, a deteriorating second half which saw major currency fluctuations and weakening passenger traffic and consumer spending, resulted in an overall sales decline by 2.6 per cent (+6.2 per cent on a currency adjusted, like-for-like basis). Nevertheless, Nuance was able to increase Operating Profit (EBIT) by 14.5 per cent. The outlook for 2009 however looks ominous.

Overall, Nuance recorded consolidated sales in 2008 of CHF 1,718 million, a 2.6 per cent decrease on the previous year. Currency fluctuations impacted significantly on reported sales as in-country sales, on a like-for-like basis, actually grew by 6.2 per cent.

The overall sales situation masked significant regional variances in sales performance. Singapore grew by 7.5 per cent and both Australia and North America posted solid growth, driven by both operational improvements and currency factors. Softer market conditions were experienced in other regions, although in Europe, recent business development wins helped to offset some of the softness. Switzerland continued to be one of the mainstays of European operations.

EBITDA grew by 8.8 per cent, while Operating Profit (EBIT) grew by 14.5 per cent to CHF 49.9m.

Roberto Graziani, President & CEO of The Nuance Group, commented: “2008 proved to be the year when all of the work and effort we have put into optimising all aspects of our operations, including turning around our Australian operation, achieving significant purchasing efficiencies in Europe, implementing market leading sales training programmes for all of our front line staff and variablising our cost base to the extent possible, started to pay off. Our business now has better flexibility to handle poor economic conditions as well as good ones”.

“However, we now have significant challenges ahead in confronting the current economic environment, confirmed by the sales trend of the first two months of 2009 which has been impacted by a material decline in passenger volumes and a softening of passenger spend. Nevertheless, the work we have done on improving our business in the past few years will stand us in good stead to withstand the current environment better than most.

Nuance believes in the resilience of our industry and that air travel and travel retail will be amongst the first industries to bounce back, as they has always done, once credit and economic conditions stabilise. Consequently, in 2009, Nuance expects to continue to focus on on-going operational excellence and meaningful support discussions with our suppliers and airport partners” Mr Graziani said.

The Nuance Group – Swiss-based The Nuance Group is a global market leader in the travel retail industry, operating 430 shops across 65 airports and 21 countries around the globe and employing 6,000 staff. In addition to its duty- and tax-free operation, the Nuance portfolio comprises specialist shops as well as food & beverage operations, distribution, inflight services and shops in other travel retail channels.

Nuance Group


Must ReadView All

EU renews GSP+ scheme for Pakistan 2 years

Apparel/Garments | On 24th Feb 2018

EU renews GSP+ scheme for Pakistan 2 years

Pakistani exporters can enjoy preferential duties on exports to the...

Surat wary of e-way bills

Textiles | On 24th Feb 2018

Surat wary of e-way bills

There is no respite for Surat’s textile manufacturers and retailers....

Retailers choose sides in Alibaba-Tencent battle in China

Apparel/Garments | On 24th Feb 2018

Retailers choose sides in Alibaba-Tencent battle in China

Two big Chinese firms— Alibaba Group Holding Ltd and Tencent Holdings ...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search