THE WHAT? Lagardere has reported its results for the first half of the current financial year. The group saw revenue increase 5 percent like-for-like on the same period in 2020 thanks to an exceptional performance from its publishing arm.
THE DETAILS Indeed, Lagardere Publishing saw revenue swell 18.7 percent like-for-like thanks to a storming second quarter, attributed to the heightened appeal of reading for consumers during the pandemic.
The Travel Retail division, meanwhile, saw revenue drop 9.2 percent like-for-like after the second quarter proved a considerable improvement on the first, with growth of 253 percent versus a decrease of 56.1 percent in the first three months of the year when strict lockdowns were in place.
THE WHY? Travel Retail benefitted from strong sales in China (+90 percent), Lagardere said in a statement, attributed to a favorable comparison basis with the first-quarter 2020 and network expansion, as well as revenue growth of 14.9 percent in North America thanks to the sustained recovery of domestic flights in the US in the second quarter, not to mention strong cost discipline over the period.