Dufry Raises 2023 Guidance and Reports Strong Q3 Performance

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Dufry, the Swiss travel retailer, has once again raised its 2023 guidance and announced higher turnover and earnings for the third quarter. As a result, shares in Dufry have traded higher, indicating positive investor sentiment.

Revised Guidance and Positive Outlook

Dufry now expects a core earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of between 8.5% and 8.7% for 2023. This is the second time this year that the company has revised its guidance upwards. Previously, Dufry had forecasted a core EBITDA margin between 30 basis points and 40 basis points above its original guidance of around 8%.

Strong Financial Performance

For the first nine months of the year, Dufry reported a core EBITDA margin of 9.5%, surpassing its own guidance. This outstanding performance demonstrates the company’s ability to generate profit and achieve sustainable growth.

Positive Market Response

Investors have responded positively to Dufry’s announcement, with shares trading higher. At 0825 GMT on Thursday, shares in Dufry increased by 3.7% to CHF33.55. Earlier in the day, the shares rose as much as 5.1%, reflecting the market’s confidence in the company.

Analyst Insights

Volker Bosse, an analyst at Baader, noted that Dufry’s results for the first nine months met expectations and highlighted the strong demand for the company’s offerings. However, he also pointed out that the absence of prior-year figures adjusted for the acquisition of Autogrill limits the comparability of the results.

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