Travel retail sales increased by 23 percentage points in Q2 by PMI, which was fostered by the booming of smoke-free products and the growth in U.S. retail volumes.
Philip Morris International (PMI) reported a strong year-on-year increase of 23 percent in sales of cigarettes and heated tobacco products (HTPs) in global travel retail in Q2, far exceeding the growth in the retail industry as a whole.
Their total company revenue was up by 7.1 percent to 10.1 billion in the second quarter of 2019, with much of this growth having been spearheaded by its smoke-free product offering. PMI indicated that the retail forces in travel centers were able to offset the decreased cigarette consumption, particularly in such markets as Australia (down 50.2%) and South Korea (down 2.4%).
Travel retail meant a lot in the success story of PMI, as the company projects the growth of 7.8 percent in travel retail. The U.S. record, meanwhile, was particularly bright as the volumes of travel retail climbed to approximately 2.5 million cans of nicotine pouches in Q2 this year compared with nothing during the same period in 2020.
For More Info visit: https://www.ciobulletin.com/retail/pmi-travel-retail-sales-jump-smoke-free