Business Services Industry
Winston-Salem, N.C.-Based R.J. Reynolds Tobacco Sees Profit Increase.
Knight Ridder/Tribune Business News, October, 2002
By Brian Louis, Winston-Salem Journal, N.C. Knight Ridder/Tribune Business News
Oct. 23--R.J. Reynolds Tobacco Holdings Inc. said yesterday that third-quarter profit increased 17 percent compared with the same period last year, but it cut its profit forecast for the full year because of increased spending on promotions.
The Winston-Salem company's third-quarter profit increased mainly because of an accounting-rule change.
Excluding that change and another item, third-quarter profit decreased 33 percent compared with the same period last year because of heavier spending on promotions to combat increased competition. Promotions include discounts and buy-some get-some special offers on cigarettes.
Reynolds Holdings, the parent...
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