Revenue

Travel retail & duty-free closed the year with revenue of €1,438.7m, an increase of 116.9% (+129% at constant exchange rates) with respect to the previous year's figure of €663.3m. As the new acquisitions contributed €842.6m, the change on a like-for-like basis would be a negative 5.1%.

Fourth quarter sales amounted to €394.4m, compared with €188.9m in the previous year, for an increase of +108.8% (+124.5% at constant exchange rates). Of the total, €242.5m was earned by the new acquisitions. Without them, there would have been a decrease of €23.8m, due in part to the depreciation of the British pound and in part to the Spanish business, which was seriously weakened by the poor economy.