Macanudo Maker STG Reports Sales Increase In Second Quarter
Sales were up and profits were largely unchanged in the second quarter for Scandinavian Tobacco Group, one of the world’s largest cigar companies. STG reported net sales of 2.4 billion Danish kroner ($352.3 million) in the second quarter of 2024, up 9.1 percent from the 2.2 billion kroner ($331.3 million) in the same period for 2023.
Net profits for the second quarter of 2024 were 297 million kroner ($44.2 million), almost identical to the 304 million ($45.3 million) earned in Q2 of 2023.
Handmade cigars were one of the key factors driving the growth, the company said in a statement. STG’s handmade library is extensive, including such well-known brands as Macanudo, CAO and the non-Cuban versions of Partagas, Hoyo de Monterrey, La Gloria Cubana and Punch.
“The second quarter financial performance supports our expectation for the full year,” said CEO Niels Frederiksen in a statement. “During the past months, we have taken material steps in executing our strategy and to safeguard our financial performance in challenging markets.”
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