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    Manjari Dhar

    Vice President and Equity Research Analyst at RBC

    Manjari Dhar is a Vice President and Equity Research Analyst at RBC, specializing in European consumer stocks with a particular focus on UK-listed companies. She covers firms such as Superdry and Dufry, delivering investment insights and recommendations that have resulted in notable price appreciation; for example, her Outperform rating on Superdry indicated a potential 71% share gain over the following year. Dhar has held her current position at RBC since at least 2020, previously working in consumer research roles at other financial institutions. She holds professional credentials including regulatory registrations required for UK-based sell-side analysts and is recognized for her analytical rigor and understanding of margin drivers in retail and travel sectors.

    Manjari Dhar's questions to Dufry AG/ADR (DUFRY) leadership

    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.

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