Business Services Industry
Loews Posts Drop in Quarterly Profit for Its Carolina Group.
Knight Ridder/Tribune Business News, November, 2002
By Brian Louis, Winston-Salem Journal, N.C. Knight Ridder/Tribune Business News
Nov. 8--Loews Corp. reported yesterday that third-quarter profit decreased 4.3 percent for its Carolina Group tracking stock as cigarette sales slumped.
Carolina Group reflects the business performance of Loews' Lorillard Inc. subsidiary, a cigarette maker based in Greensboro.
"Lorillard faced a more competitive environment in the third quarter of '02," said James Tisch, the chief executive of Loews, in a conference call with analysts and investors. "Excise tax increases, weakened consumer confidence and unfavorable industry dynamics combined to create a more competitive pricing environment in the quarter."
Higher taxes on cigarettes in many areas...
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