Dubai Duty Free, the airport retailer, announced first quarter sales of Dh1.42 billion, up 14 per cent over the same period last year.
Dubai Duty Free sees sales rise 14%
Dubai Duty Free took a small step towards reaching its goal of more than Dh10 billion in annual revenues by 2018 after posting soaring sales in the first few months of the year.
Total sales at the airport retailer were up 14 per cent to Dh1.42 billion in the first quarter of 2012, compared with the same period last year, fueled by growth in spending on alcohol, perfume and gold.
Having achieved sales last year of Dh5.3bn, Dubai Duty Free now aims to make Dh6bn this year and Dh10 within six years.
"We have had a very good start to the year and are very much on track for our sales forecast of Dhs6bn," said Colm McLoughlin, executive vice chairman of the retailer said in a statement. "Terminal 3 continues to be the biggest in terms of accumulative sales and accounts for almost 58 per cent of our total turnover."
Terminal 1, which serves a number of international airlines, increased sales 15 per cent and terminal 3, which is dedicated to Emirates Airline, grew its figures 12 per cent.
Terminal 2, which focuses on low-cost and predominantly regional air traffic had the best performance of the three terminals as sales soared 21 per cent.
"The continued growth of flydubai has provided us with an opportunity to boost sales in terminal 2, which accounts for over 7 per cent of our sales and is growing," said Mr McLoughlin. "Overall the Chinese passengers are continuing to dominate the sale of high end products, such as luxury watches and fashion."
Perfume sales reached Dh213 million, increasing 22 per cent over the first quarter in 2011. Confectionary was up by 20 per cent to Dh112 million and electronics rose 19 per cent to Dh107m.