Outlook

Sales in the first nine weeks of 2014 30 increased by 3.7% at constant exchange rates with respect to the same period in 2013 (excluding sales by the Travel Retail business in North America, which has since been sold).
Operations in North America and the Pacific Area have grown by 4.9%, which is especially impressive considering the adverse weather conditions on the North American Atlantic coast. Revenue in the airport channel is up by 6.3%, even though in the month of January alone, more than 50,000 flights were cancelled for bad weather (10,000 in January 2013). The weather had a stronger impact on sales in the motorway channel, which have fallen by 0.6%.
In Italy, revenue has decreased by 1.3%, due mainly to the closure of various locations in 2013.
Performance at motorway locations has gone against the trend, rising by 0.9%, in line with the first available traffic data for the year underway.

Revenue in the Other European countries has grown by a significant 8.5%, thanks to new openings in 2013 and to a more solid turnaround in consumption with respect to Italy.
In 2014 the Group aims to boost sales and margins in North America, taking advantage of new commercial initiatives designed to increase the penetration of traffic, as well as efficiency measures targeted first and foremost at procurement costs. In Italy it will continue to pursue a strategy of streamlining its operations, using the tendering season to its best advantage, to develop new commercial ideas and cost-cutting initiatives.

Events after the reporting period 

Since 31 December 2013, no events have occurred that if known in advance would have entailed an adjustment to the figures reported or required additional disclosures.