Swedish Match sales up

Sales at Swedish Match during the first quarter to the end of March, at SEK3,775 million, were increased by six percent on those of the first quarter of 2016, SEK3,557 million, the company reported yesterday. In local currencies, sales increased by three percent.

Operating profit from product areas (excluding larger one-off items and SM’s share of the net profit of the Scandinavian Tobacco Group [STG]) increased by six percent, from SEK939 million to SEK994 million, and in local currencies by one percent.

Operating profit, including larger one-off items and SM’s share of the net profit of the STG, was down by 28 percent, from SEK1,711 million to SEK1,232 million. The first quarter of 2017 was said to have included larger onetime items of SEK238 million relating to the capital gains from divestment of shares in STG and sale of land. But the prior year’s first quarter included larger one-time items of SEK704 million relating to the capital gains from divestment of shares in STG and divestment of a distribution center property.

Profit was down by 34 percent from SEK1,404 million to SEK930 million.

Earnings per share were down from SEK7.44 to SEK5.06, while adjusted earnings per share were increased from SEK3.35 to SEK3.76.