By Peter Evans
LONDON--British American Tobacco PLC Wednesday said smokers
around the world continued to feel pressure on their disposable
income, resulting in a big fall in first-quarter revenue and sales
volumes.
The maker of Lucky Strike, Dunhill and Kent cigarettes said
revenue declined 5.8% in the three months to March 30, compared
with a fall of 12% in the same period a year earlier. Revenue
increased 1.7% when the impact of currency movements was stripped
out, BAT said.
Cigarette volumes fell 3.6%, somewhat worse than the 1.4%
decline reported in 2014. Volumes in Brazil, Russia and Vietnam had
been hit especially hard, BAT said. The company added that it had
offset much of the fall in volumes by raising prices across many of
its biggest markets.
"I remain confident that we will deliver another good year of
earnings growth at constant rates of exchange," Chief Executive
Officer Nicandro Durante said.
Write to Peter Evans at peter.evans@wsj.com
