Word: lorillards
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Shouted Down. Where the U.S. consumer reigns, the gains were most striking. U.S. smokers, puffing away at a record rate, upped both sales and profits of R. J. Reynolds Tobacco Co. (Camel, Winston, Salem) and P. Lorillard Co. (Kent, Newport, Old Gold), both of whose stockholders approved stock splits to make room for further growth. When a stockholder tried to ask a few critical questions of Reynolds Chairman John C. Whitaker, other stockholders were already so taken with the good news that they stamped their feet, shouted the dissenter down...
Marketing strategy must be guided not by what the consumer wants today but what he probably will want three, four or even five years from now." Putting his precept into practice when he took over P. Lorillard Co. 2½years ago, Chairman Lewis Gruber, 63, rescued his aged (founded 1760), slipping company by gambling heavily on smokers' future desires. He changed the filter and blend of Kent cigarettes to cut down tar and nicotine and -as he says in the kind of phrase that sounds snappy around a boardroom table -give smokers "less of the things they have...
Gruber now sniffs a new trend. Last week Lorillard began test-marketing a cork-tipped, cigarette-sized cigar in a flip-top box. Price: 35? for a pack...
...most spectacular gain of all was scored by P. Lorillard's Kent, up 138% to 36 billion cigarettes, just behind Winston. In the overall brand standings, Kent vaulted from tenth to fifth, removed Liggett & Myers' lagging non-filtered Chesterfield from the top five for the first time since World...
...economy is so big and so diverse that many industries once considered the driving forces can slow down without bringing a traffic jam throughout business. The tobacco companies, the supermarket chains, drug and electronics companies all had record or near-record years despite recession. Investors reacted by driving P. Lorillard up 175% to 89 at the high; General Foods went from 50¼ to 79½ Federated Department Stores from 30⅛ to 54¾ Pfizer, Merck. Schering, and Carter Products posted 68% to 114% gains. One spectacular performer riding a recession boom: Zenith Radio hit a high...