China Duty Free Group (CDFG) yesterday released its performance report for the first three quarters of 2024. During this period, the company achieved a revenue of 43.021 billion RMB ($5.93 billion), a YoY decrease of 15.38%; net profit attributable to shareholders of the listed company was 3.92 billion RMB ($536 million), a YoY decrease of 24.70%. CDFG stated that, in the context of a slowing domestic consumption growth, the company faced many difficulties and challenges. However, benefiting from the continued expansion of visa-free countries, ongoing optimization of the transit visa-free policy, and the continuous increase in international passenger flights, the sales at the company’s inbound and outbound duty-free stores saw significant growth. Revenue from duty-free stores at Beijing airports grew by more than 140% YoY, while revenue from duty-free stores at Shanghai airports (including Pudong International Airport and Hongqiao International Airport) increased by nearly 60% YoY.