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Sunday, 22 January 2017

Weak Pound Forces Dubai Duty Free to Cut Prices - Bloomberg

Weak Pound Forces Dubai Duty Free to Cut Prices - Bloomberg:

"Dubai Duty Free cut prices after a weaker pound led to lower airport sales and expects to boost revenue by 5 percent this year, driven by spending by Chinese travelers. “We have been negotiating with our suppliers, a lot of whom we pay in dollars,” the airport retailer’s Chief Executive Officer Colm McLoughlin said in an interview on Sunday. “They cooperated very well with us and we’ve been able to correct this business of being perceived as expensive." The government-controlled company, which operates at Dubai International Airport -- the word’s busiest by international traffic, posted a 3 percent drop in sales to $1.85 billion in 2016. The decline was partly due to the pound’s slump versus the dollar in the second half of the year after Britain voted to leave the European Union in June, the CEO said."

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