British American Tobacco, the world’s No. 2 cigarette maker, reported lower revenue for the first-quarter, as more people cut back on smoking.
The maker of Dunhill and Lucky Strike cigarettes said revenue fell 5.8% for the three months ended March 31. Excluding the impact of currency, revenue rose 1.7%.
Volume, which measures the amount of tobacco sold, fell 3.6%.
– Revenue increased by 1.7% at constant rates of exchange
– Revenue declined by 5.8% at current rates of exchange
– Cigarette volume from subsidiaries decreased by 3.6% to 152 billion
– Strong market share growth of 40 basis points (bps)
– Global Drive Brands’ cigarette volume grew by 5.7%
– The Group continues to make significant progress in next-generation products
Read the SENS announcement