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By
Reuters API
Published
Apr 27, 2021
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Lagardere reports 29.8% drop in Q1 sales as pandemic hits travel retail

By
Reuters API
Published
Apr 27, 2021

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.
 

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