Turning Point Brands Reports Decline in Sales for 2023
According to a report from Yahoo News on November 8th, cigarette brand Turning Point Brands has released its third-quarter financial report for the period ending September 30, 2023. According to the statistics, Turning Point Brands experienced a year-on-year decline in total sales of 5.6% to $101.7 million. The company reported a net profit of $10.8 million for the third quarter, a decrease of 6.1% compared to the same period in 2022. Among its products, Zig-Zag saw a 10.2% decline in net sales, amounting to $46.8 million.
The President and CEO of the company, Graham Purdy, has stated that the net sales of Zig-Zag products remained stable on a quarter-on-quarter basis. He said, "Despite some brief headwinds, the Zig-Zag division achieved a steady income in the second quarter, securing its third-highest quarterly revenue." According to statistics, the gross profit of Zig-Zag products decreased by 4.6% to $26.7 million in the third quarter. The gross profit margin increased by 330 basis points, reaching 57.2%, primarily due to product portfolio enhancements.
It is worth mentioning that Stoker's Prodcuts, another product under Turning Point Brands, has shown promising revenue. According to the financial report for the third quarter of 2023, its net sales increased by 10.1% to $36.9 million.
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