British American Tobacco Cuts 2019 New Category Revenue Guidance
27 Novembre 2019 - 09:30AM
Dow Jones News
By Anthony O. Goriainoff
British American Tobacco PLC (BATS.LN) on Wednesday cut its
guidance for new category products, blaming the recent slowdown in
the U.S. vapor market.
The company--which houses a number of electronic and vape
products as well as traditional cigarettes--said it now expects new
category revenue on a constant currency basis to grow at the lower
end of the 30% to 50% range for the year. This compares with
guidance given in August for growth to be in the middle of the
range.
The company, which houses Kent, Dunhill and Lucky Strike brands,
added that adjusted operating profit--which strips out exceptional
and other one-off items--is expected to grow at the upper half of
its 5% to 7% long-term guidance range.
Despite the fall in the U.S. vapor market, BAT said it still
expects to report strong constant currency revenue growth for the
region in line with the 3% to 5% guidance range, supported by good
pricing and reduced discounting.
President Trump said in September that the U.S. plans to pull
most vaping products from the market, citing growing concerns about
health hazards and rising use by teenagers. BAT has previously said
it doesn't sell flavors that mimic children's food or appeal to
youth.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
November 27, 2019 03:15 ET (08:15 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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