3 months quarter-to-date 2016 (July-September)
Adjusted operating profit at constant FX grew 11.2%, driven by solid price/mix net of the impact of ongoing investments. On a reported basis, adjusted operating profit declined 5.0%, due to unfavorable currency movements.
Core revenue increased 7.8% at constant FX and 2.2% on a reported basis, led by strong GFB performance and price/mix gains.
Total and GFB shipment volumes grew 0.1% and 2.8%, respectively, reflecting continued market share gains as well as contributions from seeding markets and acquisitions. In fine cut, total and GFB shipment volumes grew 5.1% and 12.5%, respectively.
Year-on-year market share1 increased in the key markets of France, Italy, Spain, Taiwan and the UK. In Russia, GFB market share continued to grow, with Winston and LD achieving new market share records.
1 Source: IRI, Logista, Nielsen and JTI estimates on a 12-month rolling average, unless otherwise specified, for cigarettes and fine cut at the end of September 2016. Germany, Kazakhstan, Spain and Switzerland are on a 12-month rolling average at the end of August 2016. 12-month share of market growth for August 2016 markets is calculated against a 12-month share of market at the end of September 2015.