STOCKHOLM (Reuters) – Swedish Match reported on Friday a much higher first-quarter operating profit than expected and said it would increase investments in marketing and distribution this year in existing and new markets to participate in growth opportunities.
Operating profit jumped to 2.35 billion Swedish crowns ($280.38 million) from 1.60 billion a year earlier. Analysts polled by Refinitiv had on average forecast a 1.74 billion crown profit.
($1 = 8.3814 Swedish crowns)
(Reporting by Anna Ringstrom; editing by Niklas Pollard)