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Hudson Ltd.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2019 20-F, filed Mar 11, 2020. Its latest SEC filing is a SC 13G/A from Feb 12, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Sells travel necessities, specialty and duty-free goods, and food and beverages to travelers at airports, commuter hubs and tourist destinations.

How Did They Make Money?

Travelers pay for products in Hudson's stores by cash or credit card when Hudson hands the goods over.

FY2019 revenue

Who Were Their Customers?

Travelers buy products directly in Hudson's stores; airports and other landlords award the concession agreements that let Hudson operate at their locations.

Did Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2019 and turned 24 cents into free cash flow.

Operating income, FY2019
8% of revenue
▲ +50% vs FY2018 ($98.2M, 5%)
Net income, FY2019
1% of revenue
▼ −57% vs FY2018 ($29.5M, 2%)
Free cash flow, FY2019
24% of revenue
▲ +183% vs FY2018 ($167.6M, 9%)

How Were They Changing?

Grew. Revenue grew 8% in 2 years, from $1.8B in FY2017 to $2B in FY2019, about 4% a year.

Who Did They Compete With?

Competes with Paradies Lagardere, HMS Host, WH Smith, Duty Free America, and DFS

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