April 30, 2020 / 6:25 AM / a month ago

Lagardere first-quarter revenue falls as pandemic hits travel retail

April 30 (Reuters) - French multimedia conglomerate Lagardere reported on Thursday first-quarter revenue down 12.5% on a like-for-like basis, driven by the impact of coronavirus-related travel restrictions and border closures on its travel retail business.

The publishing, travel retail and media group reported a first-quarter revenue of 1.36 billion euros, while its travel retail revenue fell 18.0% like-for-like to 804 million.

Lagardere estimated a full-year hit on its recurring earnings before interest and taxes (EBIT) of its travel retail segment could be in the region of 20% to 25% of the fall in its revenue.

Lagardere had forecast in late February a hit of around 20 million euros on its first-quarter recurring EBIT, excluding the impact of its coronavirus action plan. (Reporting by Sarah Morland in Gdansk; editing by David Evans)

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