Reynolds American (RAI) cigarette volume fell 4.4 per cent in the first quarter due to wholesale inventory movements, more than the estimated 3.1 per cent decline for the US industry, RAI said.

Adjusted for inventories, RAI volume fell 1.9 per cent compared with 1.8 per cent for the industry. Operating profit at mainstay RJ Reynolds Tobacco (RJRT) declined 2.2 per cent to USD 1.1 billion (EUR 1 billion), RAI said.
All major RJRT brands posted volume declines. Natural American Spirit volume at Santa Fe Natural Tobacco rose 5.4 per cent. Combined cigarette volume in the first three months of the year was down 900 million to 16.6 billion sticks, RAI said. Market share was nearly unchanged at 34.5 per cent.
Following anti-trust approvals in the US and Japan, RAI reiterated it expected its acquisition by British American Tobacco would close in the third quarter of this year.