Business Services Industry
Parent of Greensboro, N.C.-Based Tobacco Firm Sees 26 Percent Drop in Profits.
Knight Ridder/Tribune Business News, February, 2004
By Brian Louis, Winston-Salem Journal, N.C. Knight Ridder/Tribune Business News
Feb. 13--Loews Corp. said yesterday that fourth-quarter profit fell 25.7 percent for its Carolina Group tracking stock as sales dropped because of increased promotional spending.
"2003 was a relatively difficult year in terms of earnings for the tobacco industry," James Tisch, the chief executive of Loews, said during a conference call with analysts.
Carolina Group reflects the business performance of Loews' Lorillard Inc. subsidiary, which is based in Greensboro and makes Newport. Loews, a conglomerate based in New York, sold 18 million shares of Carolina Group in November, reducing its interest in the earnings of the group to 66.6 percent. The public...
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