STG noted that its network of six super stores is contributing to the company’s net sales and profits. There’s a seventh store in the works for the San Antonio, Texas, market. STG’s retail business reported double-digit organic net sales growth when compared to last year. Retail now accounts for 7 percent of net sales in the division. The integration of Agio Cigars is also going as planned so far with the closure of Agio’s Netherlands-based facilities in Eersel and Duizel set to be completed by the end of 2021.
Based on these results, STG has updated its full year financial outlook to include organic growth in the range of 16-20 percent, free cash flow before acquisitions in the range of DKK 1-1.3 billion, and adjusted earnings per share greater than 35 percent increase.
For a full look at STG’s third quarter report, click here.
For all the latest news from Scandinavian Tobacco Group, visit st-group.com.
