China Tourism Group Duty Free (CTGDF), which last year became the world’s largest travel retailer, posted an 84 percent year-on-year increase in first-half revenues to 35.53 billion yuan ($5.5 billion), per The Moodie Davitt Report.
Of that total, 70.6 percent was generated by China Duty Free Group’s store in Haitang Bay, Sanya, where sales grew by 210 percent year-on-year to 18.53 billion.
Second quarter revenues rose 49 percent on the year, to 17.93 billion ($2.6 billion), and earnings before interest and taxes (EBIT) increased by 592 percent, compared with the same period to 8.45 billion yuan ($1.3 billion).
This said, third quarter results are likely to be impacted by China’s Covid-19 Delta variant outbreak, which began in late July and disrupted summer holiday plans for many domestic travellers.
At least 46 cities have urged residents against traveling unless absolutely necessary, but there are uncertainties about the duration of the outbreak.