Altria Group Inc.'s Philip Morris USA unit is cutting certain promotional discounts and raising prices on cigarettes brands starting Monday.
A company spokesman said via email that it will cut the previously announced " off-invoice" promotional allowances offered on its Marlboro, Basic and L&M Box brands from Monday through June 29 by 9 cents a pack, or 90 cents a carton.
For the same period, the company is also eliminating the current 20-cents-a- pack, or $2-a-carton, promotional allowance on its Parliament cigarette brand, and increasing the list prices by 9 cents a pack, or 90 cents a carton, on the balance of its cigarettes brands.
Cigarette volumes in the U.S. have been falling and the cigarette industry has had to hike prices to offset higher taxes and costs.
In recent premarket trading, shares were at $20.43, flat with Friday's close.
|
