Universal Corporation sales fell 37 per cent, resulting in an operating loss of USD 8.2 million (EUR 6.1 million) for the three months to 30 June as customer orders slowed in an oversupplied market, the company said.

Sales declined to USD 271.5 million from USD 433.5 million. The operating loss contrasted with a profit of USD 86.5 million a year ago.
“Our first quarter of fiscal year 2015 has been heavily influenced by lower volumes that are a result of typical oversupply market patterns, including a slow start in Brazil and later timing of customer orders and current crop shipments,” said Chief Executive Officer George Freeman. “A predominance of our shipments should occur in the second half of the fiscal year,” he said.
"Due to the current season's production oversupply, we continue to take a measured approach to the remainder of fiscal year 2015. Markets have been developing slowly in some origins as customers have been monitoring market conditions while evaluating their leaf needs and inventory durations, and shipping has been progressing at a slower pace than normal,” Freeman said.