The Italian travel concession operator has credited the recovery of airport footfall and new contracts in North America and Europe for strong its 2022 sales, but revenues remain 12% below pre-pandemic levels
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Milan-based Autogrill said group revenues have now reached 88% of pre-pandemic levels | Photo credit: Autogrill
Autogrill has credited the global recovery of airport footfall following the lifting of most pandemic travel restrictions alongside new outlets across North America as key drivers of its strong 2022 revenue growth.
Reporting on the 12 months ended 31 December 2022, Autogrill achieved 50% total sales growth to reach €4.2bn ($4.4bn).
The Milan-based travel concession operator said group revenues have now reached 88% of pre-pandemic levels.
Autogrill operates approximately 3,300 points of sale across 30 countries globally, including licensed stores of Costa Coffee, Dunkin’, LEON, Panera Bread, Pret A Manger and Starbucks, as well as its propriety café chain Acafé.
North America was Autogrill’s largest market by revenue in 2022, reaching €2.1bn ($2.3bn), with new contracts for food and beverage outlets at Memphis, Boston, Salt Lake City and Baltimore airports cited as key contributors to 47% sales growth in the region.
The travel concession operator’s European sales grew 35% to reach €1.5bn ($1.6bn), with revenues in Autogrill’s domestic Italian market rising 25% to €959m ($1bn).
Sales growth was fastest in Autogrill’s International segment, comprising markets across Asia, the Middle East and Oceania, which achieved revenue growth of 163% to reach €503m ($537m).
Airport-based stores accounted for 67% of Autogrill’s 2022 sales, at €2.8bn ($3bn). The travel concession operator is present in 139 airports globally, 80 of which are across North America.
Autogrill also noted significant contract gains and renewals across its airport estate which it said carried a combined sales value of around €3.4bn ($3.6bn) and an average duration of six years.
This included new contacts at Rome Fiumicino, Salt Lake City, Bangalore and Hamad International (Doha) airports, and renewals at Fort Myers, Miami, Honolulu and Arlanda airports.
Additionally, Autogrill generated €1.1bn ($1.2bn) from its motorway channel last year, where it operates 442 sites across Europe, and €295m ($314m) from other sites, primarily comprising railway stations and shopping centres.
In February 2023, Autogrill's Board of Directors approved a merger with fellow travel retailer giant Dufry Group. The new entity expected to comprise around 5,500 outlets around the world, serving more than 2.3 billion passengers in 75 countries and generating revenues of CHF 13.6bn ($14.5bn).