Manjari Dhar's questions to Dufry AG/ADR (DUFRY) leadership • Q2 2022
Question
Manjari Dhar from RBC inquired about current trends in customer spend per passenger and basket sizes, their expected long-term levels versus pre-pandemic, and the key drivers for gross margin in the second half of the year.
Answer
CEO Xavier Rossinyol confirmed that spend per head remains strong but is normalizing as passenger traffic increases, noting the new strategy aims to maximize this metric. CFO Yves Gerster detailed that the strong H1 gross margin was driven by lower promotional activity, benefits from Brexit, and a favorable supply chain shift away from Hainan. He anticipates a normalization of the gross margin as promotional activities resume and inflation creates potential pressure.