British American Tobacco (BAT), the world's No. 2 tobacco company, on Wedne...
- British American Tobacco , the world’s No. 2 tobacco company, on Wednesday warned of steeper declines in cigarette sales globally mainly due to waning demand in its main U.S. market, sending its shares lower.
The maker of Lucky Strike and Dunhill cigarettes said it expects global industry volumes to fall around 3.5% this year, compared with its earlier estimate of a 3% drop. “The group will need to beef up its vape related sales in order to shake off the wider negative sentiment.” Its guidance comes just a day after rival Imperial Brands, another tobacco firm looking to diversify with its blu e-cigarettes, reiterated its guidance of a 4.5%-5% decline in U.S. volumes for 2019.
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