(Reuters). – Dufry in Switzerland, a duty-free retailer has raised its 2021 savings target as well as free cash flow guidance. The reason is attributed to a rebound in travel following the pandemic slump.

After being badly affected by travel restrictions to combat the coronavirus pandemic, the retailer now has signs of improvement.

The Americas was the key sector that drove 499 million Swiss Francs (543.16 million dollars) of the group’s 1.3 billion Swiss Franc third quarter turnover.

Julian Diaz, chief executive of the organization said in a statement that “We have witnessed continued progress in America and Central America including in the Caribbean Islands.”

Now, the group expects to save up to 1.87 Billion Swiss Francs ($2.04B) on personnel and other costs, which is an increase from the previous 1.2 billion Swiss Franks and more than the 2020 savings of 1.3 billion Swiss Francs.

Basel-based business also met its 2021 free cash flow targets. The company now anticipates a monthly cash intake of 13 million Swiss Swiss Francs. They assume turnover is 40% below the pre-pandemic level in 2019. This means that they will have a 13million Swiss franc cash burn and turnover of %55 lower in 2019 than in 2019. The company had previously predicted that it would break even with a turnover of %40 below 2019, and a cash burn rate of 30,000,000 Swiss francs, with turnover 55% lower than 2019.

($1 = 0.9187 Swiss francs)