• June 21, 2024

Six-Month Revenue Up at Vector

 Six-Month Revenue Up at Vector
Photo: crizzystudio

Vector Group reported consolidated revenues of $699.8 million in the first six months of 2023, up 0.1 percent compared to the prior year period. Tobacco segment revenues increased 2.4 percent to $699.8 million. The company’s tobacco segment wholesale and retail market share increased to 5.5 percent and 5.8 percent from 5.3 percent and 5.3 percent, respectively, in the prior year period. Operating income was down 12 percent to $145.9 million.  Vector’s tobacco segment operating income was $153.7 million, down 7.4 percent compared to the prior year period.

 “Vector Group performed well in the first half of 2023 as we continued to benefit from the gradual transition of our Montego brand strategy,” said Vector Group President and CEO Howard M. Lorber, in a statement. “In the second half of 2023, we remain focused on optimizing long-term profit by effectively managing our volume, pricing and market share to generate long-term value for our stockholders.”