Dufry AG said Tuesday that turnover declined in its third quarter while it has continued to cut costs as the coronavirus pandemic severely hit its business.
The Swiss travel retailer said that quarterly turnover stood at 487 million Swiss francs ($529.8 million), compared with CHF2.5 billion a year earlier. Organically, turnover dropped 80%.
Dufry said that it has saved CHF760 million in costs so far this year and confirmed it expects to reach its target of CHF1 billion in cost savings for 2020.
Dufry also confirmed that it was expecting to consume roughly CHF60 million in cash monthly in the second half of the year if its 2020 turnover were to decrease by 70% compared with 2019. If its 2020 turnover drops by 60%, average monthly free cash flow would reach breakeven during the second half of the year, it said.
Write to Olivia Bugault at olivia.bugault@wsj.com
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