Snus sales lift Swedish Match profits
TT/David Landes · 18 Jul 2008, 16:35
Published: 18 Jul 2008 16:35 GMT+02:00
The results represented a nearly 10 percent improvement on last year’s second quarter results of 563 million.
According to a survey by Reuters, analysts had forecast Swedish Match would post profits of 586 million kronor in the second quarter.
Overall sales came in at 3.28 billion kronor, up from the 3.09 billion kronor in sales recorded last year.
Cigar sales figures also rose, but by a comparably modest 7 percent.
CEO Lars Dalhgren believes that both turnover and operating profits are going to beat 2007 results, primarily due to a “strong development” for snus.
“We expect that our Scandinavian snus operations will continue to show strong results during the remainder of the year and in the US we expect a continued increase in market share and volume,” Dahlgren said in a statement.