DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5

Juul Annual Sales Projected To Top $3 bn After Profitable 2018: Bloomberg

By Dayeeta Das
Share this article
Juul Annual Sales Projected To Top $3 bn After Profitable 2018: Bloomberg

E-cigarette maker Juul Labs Inc's revenue is expected to triple this year to about $3.4 billion (€3 billion) following a profitable 2018, Bloomberg reported on Friday.

The vaping device maker revealed its first official growth figures last month, saying it made sales of over $1 billion (€880 million) in 2018, up from $200 million (€176.4 million) the year earlier.

Its overall profit for 2018 reached $12.4 million (€10.9 million), Bloomberg reported, citing a person briefed on the results.

Juul was not available to comment on the report outside usual business hours.

Potential For Exponential Growth

Highlighting the potential for exponential growth in the industry, Marlboro maker Altria Group bought a 35% stake in Juul for $12.8 billion in December 2018.

ADVERTISEMENT

The soaring sales come even as a divisive debate rages on over e-cigarettes, which offer an alternative free of the cancer-causing chemicals found in cigarettes, but are often seen as spurring new nicotine addiction, especially among teens.

Curb On Flavoured E-Cigarettes

In November of last year, the US Food and Drug Administration in November announced new curbs on sales of flavoured e-cigarettes, including Juul's mango and cool cucumber vaping devices to tackle concerns of widespread underage use.

Hurt by the crackdown, Juul's revenue in the fourth quarter fell 2.5% from the previous quarter, while its adjusted loss reached $70.4 million, Bloomberg said.

However, poor US results were offset by a strong international business.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.