Lagardere reports 29.8% drop in Q1 sales as pandemic hits travel retail

French media and publishing firm Lagardere reported on Tuesday a 29.8% drop in first-quarter revenue on a like-for-like basis as coronavirus-related restrictions on travel in Europe weighed.

The company said sales in is travel retail business were down by 56.1% in the first quarter.

"Pending the beneficial effects of the vaccination campaigns, first-quarter 2021 revenue closely mirrored trends in air passenger traffic", Lagardere said in a statement.

Lagardere confirmed on Monday it was reviewing a project to transform itself into a joint-stock company, unravelling an arcane structure that had caused strife with shareholders.