British American Tobacco maintained its annual revenue and profit forecasts on Tuesday and said performance would be weighted towards the second half, as it grapples with weaker cigarette demand in the United States.
A woman poses with a cigarette in front of BAT logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/Illustration/File Photomaintained its annual revenue and profit forecasts on Tuesday and said performance would be weighted towards the second half, as it grapples with weaker cigarette demand in the United States.
BAT said the number of consumers of non-combustible products grew by 900,000 globally in the first quarter, but growth in the U.S. cigarette market had waned as price-sensitive consumers switched to cheaper brands. "BATS had already hinted that it had seen signs of smokers downtrading in its key U.S. market and that's starting to be borne out in the numbers now," said Derren Nathan, analyst at Hargreaves Lansdown.
BAT has ramped up investments in e-cigarettes and so-called heat-not-burn devices as consumers switch to tobacco-free products.
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