The stock of World Duty Free sinks on the Stock Exchange which, after being suspended due to an excess of downside at the opening, registers losses of around 10% in Piazza Affari in mid-morning, signaling itself as the worst stock on the Italian list, which in the same minutes travels in positive territory.
The details on the lease contracts with the Spanish airports revealed during yesterday's board meeting and conference call brought down the prices of the airport retailer. The rents would have turned out to be decidedly higher than analysts' expectations, as revealed in a report by Equita Sim.
Despite some positive indications on revenues and the renewal with Heathrow airport, according to many analysts the question of rents in Spain would in fact amount to a profit warning, capable of causing a decisive contraction in the company's profit estimates for the next years. Moreover, in yesterday's board of directors, the departure of the CEO Josè Maria Palencia was made official, starting from the end of the year.
