Olympic Games boost Lagardère Travel Retail’s third quarter sales

Third quarter sales growth was primarily driven by higher footfall during the Paris Olympic Games | Photo credit: Xavier Praillet

Lagardère Travel Retail achieved record quarterly revenue in the three months ended 30 September 2024, led by robust trading in France. 
 

The Paris-based travel concession and foodservice operator achieved 15% year-on-year sales growth in the quarter to reach €1.6bn ($1.7m), with like-for-like sales increasing 12%. 

In a press release, Lagardère Travel Retail said third quarter sales growth was primarily driven by higher footfall in France during the Paris Olympic Games.   

The business also reported ‘exceptional performances’ in Italy, Spain and the UK during the quarter, with network expansion in Romania also highlighted as boosting total EMEA sales. European sales accounted for 70% of Lagardère Travel Retail’s total third quarter revenue. 

Strong sales momentum in Canada and Latin America lifted Lagardère Travel Retail’s third quarter Americas sales, offsetting a slower-than-expected recovery in US airport trade. 

However, the business cited ‘lacklustre activity’ in East Asia and an ongoing ‘economic slowdown’ in China as key factors behind revenue decline in its Asia Pacific and Greater China segments – which currently contribute 4% and 1% of the operator’s sales. 

Lagardère Travel Retail’s nine-month sales stand at €4.3bn ($4.7bn) – 17% above the same period in 2023.  

Foodservice currently contributes 29% of Lagardère Travel Retail’s revenue, behind Duty Free & Fashion (37%) and Travel Essentials (34%). The business operates more than 1,600 food and beverage units across 29 markets, including its proprietary 1Minute Café and So! Coffee brands and licensed Costa Coffee, Godiva Café, Paul, Pret A Manger and Starbucks stores.  
 

The travel concession and foodservice operator currently contributes 66% of parent company Lagardère Group’s total sales. The group’s publishing division posted a 0.2% decline in third quarter sales to €767m ($832m) but remains 3% above 2023 trading over the first nine months of 2024.