Dubai Duty Free cuts prices as post-brexit pound hit sales
Dubai Duty Free cut prices after a weaker pound led to lower airport sales and expects to boost revenue by 5% this year, driven by spending by Chinese travelers. CEO Colm McLoughlin said that they have been negotiating with their suppliers, a lot of whom they pay in dollars. The government-controlled company, which operates at Dubai International Airport -- the world’s busiest by international traffic, posted a 3% drop in sales to USD1.85bn in 2016.
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