Bahrain duty free sales fall 12pc in Q1
Manama, May 19, 2009
The Bahrain Duty Free shop complex saw consolidated sales fall 12 per cent in the first quarter of the year.
However, when like-for-like adjustments are made for the stopping of Gulf Air in-flight and cancelled holiday charter flights, the sales percentage reflected a modest fall of just 6 per cent on sales.
This is below total passenger traffic growth which is in line with the departures showing a 1 per cent passenger drop versus last year.
Consolidated net profit after adjustment for investment impairment was down 4.6 per cent, while the actual net profit was up 1.7 per cent.
The categories that performed well over last year's figures were liquor, up 2.6 per cent; communications, up 16 per cent; jewellery, up 14 per cent; food and confectionery, up 3 per cent; reading and writing, up 12.5 per cent; souvenirs, up 26 per cent; and cosmetics, up 2.5 per cent. Tobacco and perfumes were both down by 7 per cent.
This drop has a direct correlation on the UK charter traffic cancelled and unfavourable sterling exchange rates.
Watches were the hardest hit with all categories underperforming down 25 per cent, the premium luxury lines suffered most as travellers refrained from purchasing.
Bahrain Duty Free has signed two agreements - one to operate to operate the new Cruise Line Terminal at the new Hidd Port which is due to commence on June 1 and another to operate two small shops in the US Navy Base in Bahrain.-TradeArabia News Service