Zyn Boosts Swedish Match’s Second Quarter

Swedish Match reported a strong second quarter, driven largely by sales of its Zyn tobacco-nicotine pouches in the United States.

In local currencies, Swedish Match’s sales increased by 11 percent for the second quarter. Reported sales increased by 11 percent to SEK4.13 billion ($457.18 million).

In local currencies, operating profit from product segments) increased by 19 percent for the second quarter. Reported operating profit from product segments increased by 17 percent to SEK1.7 billion.

Operating profit amounted to SEK1,67 billion for the second quarter. Profit after tax amounted to SEK1,23 billion for the second quarter.

According to Swedish Match, the second quarter financial performance was negatively affected by Covid-19 impacts.

“The strength of the second-quarter performance was largely attributable to the continued success of Zyn in the U.S., with shipments in the first half of the year already exceeding total shipments for 2019,” said Lars Dahlgren, CEO of Swedish Match.

“Shipment volumes for our Scandinavian smokefree business declined in the quarter versus the prior year as deliveries to travel retail and border trade outlets were severely impacted by COVID-19 travel restrictions.”