Lagardère publishes 2021 results, releases statement on TR
Lagardère has published its annual results, and not surprisingly the pandemic has continued to hamper the company’s financial performance in its travel retail channel.
Lagardère Travel Retail’s total consolidated revenue was €2,290m, down 46% on 2019. While this continued lower than pre-pandemic, the company delivered beyond expectations.
The company’s negative operational result of €81 million (US$92.03 million) is a €272 million (US$ 309.05 million) increase compared to 2020.
This strong performance has been helped by positive domestic markets such as US and China, despite the Omicron variant causing travel implications in the later part of the year.
Lagardère Travel Retail reached an exceptional flow-through of 11.8%, “testament to the outstanding efforts our teams have delivered in managing both our cost structure and the reopening of our network,” according to the company. “Very close partnerships with landlords have allowed us to extend a large number of contracts and to manage operations with a great balance between flexibility to adjust to landlords’ needs and our commitment to deliver the highest standards of customer service.”
The company’s strategic vision and positioning combined with its organizational model enabled the company to excel in crisis management as well as laying the foundations to future growth, winning new contracts and starting new operations, notably in South America and in Africa, and by pursuing our dynamic development in China.
Lagardère’s new strategic partnership with JD.com in particular is fueling growth and helping the company’s digital approach, thus benefiting not only the operation in China but the entire company.
Additionally, Lagardère focused on its efforts in sustainability during 2021, and will detail its new CSR strategy in March, 2022.
“All in all, I would say that sticking to numbers, 2021 may not have been our best year, but it has been the greatest in terms of seeing our teams go the extra mile to protect the company, consolidate our partnerships, and prepare for our stronger future.”
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