THE NUMBERS: Reynolds American saw its profit grow more than 35 percent in the second quarter to $443 million, as higher prices and cost-cutting helped offset declining sales of cigarettes. Revenue excluding excise taxes fell 4 percent to $2.18 billion.
SQUARED AWAY: The nation’s second-biggest tobacco company and maker of Camel, Pall Mall and Natural American Spirit cigarettes said heavy promotional activity by its competitors drove its cigarette volumes down nearly 7 percent to 18.1 billion cigarettes. It sold 4 percent less of its Camel brand and volumes of Pall Mall fell 3.6 percent. Camel’s market share fell slightly to 8.3 percent of the U.S. market, while Pall Mall’s market share fell 0.2 percentage points to 8.4 percent.
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JUST A PINCH: Volume for its smokeless tobacco brands that include Grizzly and Kodiak rose nearly 11 percent and its share of the U.S. retail market grew 1.7 percentage points to 32.4 percent.
