“We expect fluctuation in discount segment shares to continue as the cohort of price-sensitive consumers react to their short-term economic conditions.”

In context

“wings as demonstrated by Marlboro share gains in the first half of 2021, but they are also more likely to trade down in tougher economic situations. We remain focused on the long-term strength of Marlboro. And we are very pleased that its full year share grew 0.2 to 43.1% and that the brand remained stable since the beginning of the pandemic. In discount, total segment retail share in the fourth quarter continued to fluctuate, increasing 0.7 sequentially to 26% driven primarily by deep discount products. We believe the share increases observed in the discount segment or due to the previously mentioned macroeconomic factors that pressured the consumer in the fourth quarter. For the full year, discount segment share increased 0.5 to 25.4%, which was at the high end of its historical ranges. We expect fluctuation in discount segment shares to continue as the cohort of price-sensitive consumers react to their short-term economic conditions. And in cigars, Middleton provided strong contributions to smokable segment financial results. Reported cigar shipment volume was essentially unchanged for the year, as Middleton maintained the strength of the iconic Black & Mild brand and successfully managed its supply chain during a challenging year. Turning to the oral tobacco products segment. Adjusted OCI and adjusted OCI margins contracted for the full year, primarily due to increased investments behind on!. Total segment reported shipment volume was unchanged for the year. When adjusted for trade inventory movements and calendar differences, we estimate that total oral tobacco segment volumes declined by 0.5%. We remain pleased with the overall performance of the segment as Copenhagen continues to generate significant income in t”