ITG Brands Reports Strong Market Results
ITG Brands’ leadership team announced strong market results for the Company during last week’s Quarterly All Hands Live Event broadcast to all employees. Both FMC and MMC categories grew market share two years in a row. FMC delivered an 8 bps increase, while MMC outperformed every other manufacturer in the category, increasing share 70 bps over last year.
“We can be very proud of these results for many reasons,” said President and CEO Oliver Kutz. “First, we have outperformed our key competitors in cigarettes. Altria declined by 90 bps, and Reynolds declined by 40 bps. Secondly, in cigars, we have performed better than any other manufacturer in the US market. You may remember that we had a very difficult start of the year, and we managed a strong rebound during the second half. These are outstanding results of which we can be very proud,” reported Oliver.
In terms of revenue, ITG Brands delivered on its business plan, given the strong volume combined with price increases implemented this year.
In terms of cash, the Company is performing very well this year, mainly driven by warehouse inventory reductions due to high volume demands. This, in turn, reduces working capital and improves cash position.