Imperial Brands fell short of estimates for first-half profit and sales today, hurt by lower retailer demand for cigarettes in the US, though the tobacco company reiterated its full-year outlook.
The maker of Gauloises Blondes and Winston cigarettes reported first-half organic adjusted revenue of £3.57 billion, while analysts had forecasted £4.02 billion, according to Refinitiv data.
The company attributed the weak performance to "lower US trade inventories" coupled with a drop in travel retail sales due to the pandemic.
Adjusted earnings per share came in at 107 pence for the reported period, missing analysts' forecast of 107.7 pence.
Imperial, however, kept its full-year forecast intact, which calls for low- to mid-single digit organic adjusted operating profit growth at constant currency.
