May 14, 2015 / 4:01 PM / 2 years ago

World Duty Free lifts 2015 outlook

MILAN, May 14 (Reuters) - Italian airport retailer World Duty Free on Thursday raised its 2015 targets for revenues and core profit to reflect more favourable exchange rates, and said revenues in the first 18 weeks rose 23.5 percent to 789.6 million euros ($897 million).

In a statement the company said it now expected 2015 revenues at 2.705-2.745 billion euros and adjusted EBITDA at 290-305 million euros, against its previous guidance for 2.63-2.67 billion euros and 279-294 million euros, respectively.

WDF will be taken over by larger rival Dufry to create a travel retail heavyweight with a 25 percent market share. As part of the deal the Swiss group will launch a mandatory tender at 10.25 euros per share.

Higher rental fees at some airports sent World Duty Free's first-quarter EBITDA down 0.5 percent to 42.8 million euros, while provisions for restructuring costs dragged the company into a 46.9 million euro net loss. ($1 = 0.8801 euros) (Reporting by Danilo Masoni; editing by Agnieszka Flak)

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