Duty-free retailer Avolta's core turnover rises 5.7% in Q3
Adds CEO quote, background, dividend policy from paragraph 4
By Anastasiia Kozlova and Amir Orusov
Oct 31 (Reuters) -Swiss duty-free retailer Avolta AVOL.S reported a 5.7% organic increase in its third-quarter turnover on Thursday, helped by strong demand during peak summer travel months.
The company, which runs shops at airports, on cruise liners, in seaports, and other tourist locations worldwide, posted a core turnover of 3.83 billion Swiss francs ($4.43 billion) for the third quarter of 2024, up from 3.67 billion Swiss francsa year earlier.
The Basel-based company also confirmed its full-year outlook and mid-term targets.
"We are very pleased with our strong trading performance over the peak summer months," Chief Executive Xavier Rossinyol said in a statement.
The group, which operates in more than 1,000 locations across 73 countries and offers travellers brands ranging from Nestle NESN.S to Starbucks SBUX.O and Burger King, has been benefiting from a strong rebound in global travel, particularly in Europe and the U.S., since pandemic-related lockdowns were lifted around the world.
Avolta said it would return excess cash to shareholders via dividends and potential share buybacks over the coming years. The companyplans to cancel around 6.1 million treasury shares in 2024, which comprises 4% of issued share capital.
($1 = 0.8655 Swiss francs)
Reporting by Anastasiia Kozlova and Amir Orusov in Gdansk; Editing by Eileen Soreng
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