Company chair, Lovemore Manatsa last Wednesday attributed the decline to the impact of economic policies which were seriously felt in the company's financial year ended December 31 2019.
Manatsa said the local currency devalued against major trading currencies further impacting consumer disposable incomes which saw inflation increasing to 521% by the end of December 2019 against 42.1% recorded during a similar time in 2018.
Owing to the obtaining challenges, the company's total sales volumes for the year under review decreased by 17% compared to the previous financial year.
In the Aspirational Premium segment, Newbury, grew by 12% driven by consumers switching from Dunhill due to our inability to import the product as duties were required to be paid in United States dollars.
"The Value for Money segment, (Madison and Everest) and Low Value for Money brand, Ascot, recorded a 17% and 18% decline respectively driven by shrinking consumer disposable incomes."
