 Hudson Ltd., a travel retailer whose business includes duty-free shops and newsstands in airports and tourist locations, said it expects net sales for the first-quarter of 2020 to fall by low-to-mid teens percentage year-over-year. Shares fell more than 20 in Thursday trading. The company began to see traffic declines in the North American market in the second half of January, extending into February, and driving a 10 decrease in sales for that period. Even with the uncertainty of the coronavirus outbreak, Hudson Chief Executive Roger Fordyce said on the companys fourth-quarter earnings call that the travel retail industry has dealt with similar situations before. Historically, the industry has been able to rebound stronger than ever from major impacts in the past, including events like 911, SARS, and the 2009 recession, he said, according to a FactSet transcript. Were confident that the demand for travel will rebound once again from the impact of the virus. Hudson reported a net loss of 2.3 million, or 10 cents per share, after net income of 2.8 million, or a loss of 6 cents per share, for the same period last year. Adjusted EPS of 8 cents beat the FactSet consensus of 7 cents per share. Revenue of 475.8 million was up from 471.4 million the previous year and ahead of the 458.0 million FactSet consensus. UBS analysts acknowledge that travel retail has rebounded from similar experiences in the past. Still given the uncertain outlook for air travel, we believe its lower valuation prices in its risk, analysts said. UBS rates Hudson stock neutral with a 5 price target, down from 12. Hudson stock has lost 72.3 of its value over the last year while the SP; 500 index has fallen 8.2 for the period. 