Financial development
Sales for snus and snuff during 2009 increased by 14 percent to 4,250 MSEK (3,725). Operating profit for the year increased by 16 percent to 1,916 MSEK (1,658).
In the Scandinavian market, Swedish Match sales increased by 11 percent, from improved pricing and 6 percent higher shipment volumes. In addition to continued volume growth in Norway and Travel Retail, shipment volumes in Sweden increased during the year.
In the US, sales grew as the Group gained market share in a market that experienced dramatic shifts in pricing and promotional activity, and a number of new product launches. The US moist snuff market grew by 1.6 percent in 2009.1) Swedish Match shipment volumes in the US increased by 7 percent.
The operating margin was 45 percent for the year (44). The improved operating margin stems primarily from positive price and volume effects in Scandinavia and less pronounced trade loading and destocking effects in Sweden, along with lower product launch costs in the US.
1) Source: Nielsen.