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Travel retail sales increased by 23 percentage points in Q2 by PMI, which was fostered by the booming of smoke-free products and the growth in U.S. retail volumes.
Philip Morris International (PMI) reported a strong year-on-year increase of 23 percent in sales of cigarettes and heated tobacco products (HTPs) in global travel retail in Q2, far exceeding the growth in the retail industry as a whole.
Their total company revenue was up by 7.1 percent to 10.1 billion in the second quarter of 2019, with much of this growth having been spearheaded by its smoke-free product offering. PMI indicated that the retail forces in travel centers were able to offset the decreased cigarette consumption, particularly in such markets as Australia (down 50.2%) and South Korea (down 2.4%).