California’s $2 tax increase on cigarettes in April was a “big shock to the system” that continues to weigh on Marlboro’s market share in the U.S., Altria Group Inc. said Thursday. Marlboro, the leading U.S. cigarette brand by sales, captured 43.2% of the market in the third quarter, down from 43.5% in the previous quarter and 43.6% in the first three months of the year. Because of Marlboro’s outsize share of the California market, at more than 50%, the brand was particularly sensitive to the tax increase, Altria Chief Executive...

Source: Wall Street Journal October 26, 2017 18:11 UTC