Weak Marlboro sales hit Philip Morris earnings
Falling Marlboro sales and the continued strength of the US dollar have resulted in a 14 per cent decline in third-quarter earnings at Philip Morris International.
The group, which was spun off from Altria last year and generates all of its sales outside the the US, said net earnings for the three months to end of September was .8bn, or 93 cents a share, down from .1bn, or .01, the year before.
The weak economy and ever increasing excise taxes in many European markets have continued to put pressure on sales of its flagship premium Marlboro brand, which fell 4.3 per cent to 76.9bn units during the quarter.
The is the third consecutive quarterly decline suffered by Marlboro and underscores how cash-strapped smokers are turning their back on higher priced cigarettes as the recession bites.
