\nAltria Group, Inc. (Altria) (NYSE: MO) is participating today in the Morgan Stanley Global Consumer and Retail Conference. Billy Gifford, Altria\u2019s Chief Executive Officer, and Sal Mancuso, Chief Financial Officer, will host virtual meetings with investors to discuss Altria’s business fundamentals.\n<\/p>\n
2020 Full-Year Guidance<\/b><\/p>\n
\nAltria reaffirms its guidance for 2020 full-year adjusted diluted earnings per share (EPS) to be in a range of $4.30 to $4.38. This range represents a growth rate of 2% to 4% from an adjusted diluted EPS base of $4.21 in 2019, as shown in Schedule 1, and excludes the special items recorded in the first nine months of 2020, also shown in Schedule 1.\n<\/p>\n
Altria\u2019s full-year adjusted diluted EPS guidance excludes the impact of certain income and expense items that management believes are not part of underlying operations. These items may include, for example, restructuring charges, asset impairment charges, acquisition-related costs, COVID-19 special items, equity investment-related special items (including any changes in fair value for the equity investment and any related warrants and preemptive rights), certain tax items, charges associated with tobacco and health litigation items, and resolutions of certain nonparticipating manufacturer (NPM) adjustment disputes under the Master Settlement Agreement (such dispute resolutions are referred to as NPM Adjustment Items).<\/i><\/p>\n
Altria\u2019s management cannot estimate on a forward-looking basis the impact of certain income and expense items, including those items noted in the preceding paragraph, on its reported diluted EPS because these items, which could be significant, may be unusual or infrequent, are difficult to predict and may be highly variable. As a result, Altria does not provide a corresponding U.S. generally accepted accounting principles (GAAP) measure for, or reconciliation to, its adjusted diluted EPS guidance.<\/i><\/p>\n
Altria’s Profile<\/b><\/p>\n
\nAltria\u2019s wholly-owned subsidiaries include Philip Morris USA Inc. (PM USA), U.S. Smokeless Tobacco Company LLC (USSTC), John Middleton Co. (Middleton), Ste. Michelle Wine Estates Ltd. (Ste. Michelle) and Philip Morris Capital Corporation (PMCC). Altria owns an 80% interest in Helix Innovations LLC (Helix). Altria holds equity investments in Anheuser-Busch InBev SA\/NV (ABI), JUUL Labs, Inc. (JUUL) and Cronos Group Inc. (Cronos).\n<\/p>\n
\nThe brand portfolios of Altria\u2019s tobacco operating companies include Marlboro<\/i>\u00ae<\/sup>, Black & Mild\u00ae<\/sup><\/i>, Copenhagen\u00ae<\/sup><\/i>,Skoal\u00ae<\/sup><\/i> and on!\u00ae<\/sup><\/i>. Ste. Michelle produces and markets premium wines sold under various labels, including Chateau Ste. Michelle\u00ae<\/sup><\/i>, 14 Hands\u00ae<\/sup><\/i> and Stag\u2019s Leap Wine Cellars\u2122<\/sup><\/i>, and it imports and markets Antinori<\/i>\u00ae<\/sup>, Champagne Nicolas Feuillatte<\/i>\u2122<\/sup> and Villa Maria Estate\u2122<\/sup><\/i>products in the United States. Trademarks and service marks related to Altria referenced in this release are the property of Altria or its subsidiaries or are used with permission.\n<\/p>\n \nMore information about Altria is available at altria.com, or follow Altria on Twitter, Facebook and LinkedIn.\n<\/p>\n Forward-Looking and Cautionary Statements<\/b><\/p>\n \nThis release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.\n<\/p>\n \nImportant factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this release are described in Altria\u2019s publicly filed reports, including its Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2020, June 30, 2020 and September 30, 2020. These factors include the following:\n<\/p>\n \n\u2022 unfavorable litigation outcomes, including risks associated with adverse jury and judicial determinations, courts and arbitrators reaching conclusions at variance with our, our subsidiaries\u2019 or our investees\u2019 understanding of applicable law, bonding requirements in the jurisdictions that do not limit the dollar amount of appeal bonds, and certain challenges to bond cap statutes;\n<\/p>\n \n\u2022 government (including U.S. Food and Drug Administration (FDA)) and private sector actions that impact adult tobacco consumer acceptability of, or access to, tobacco products;\n<\/p>\n \n\u2022 tobacco product taxation, including lower tobacco product consumption levels and potential shifts in adult consumer purchases as a result of federal, state and local excise tax increases;\n<\/p>\n \n\u2022 unfavorable outcomes of any government investigations of Altria, our subsidiaries or investees;\n<\/p>\n \n\u2022 a successful challenge to our tax positions;\n<\/p>\n \n\u2022 the risks related to our and our investees\u2019 international business operations, including failure to prevent violations of various U.S. and foreign laws and regulations such as laws prohibiting bribery and corruption;\n<\/p>\n \n\u2022 the risks associated with health epidemics and pandemics, including the COVID-19 pandemic and similar outbreaks, such as their impact on our financial performance and financial condition and on our subsidiaries\u2019 and investees\u2019 ability to continue manufacturing and distributing products, and the impact of health epidemics and pandemics on general economic conditions (including any resulting recession or other economic crisis) and, in turn, adult consumer purchasing behavior which may be further impacted by any changes in government stimulus or unemployment payments;\n<\/p>\n \n\u2022 the failure of our tobacco and wine subsidiaries and our investees to compete effectively in their respective markets;\n<\/p>\n \n\u2022 the growth of the e-vapor category and other innovative tobacco products contributing to reductions in cigarette and moist smokeless tobacco consumption levels and sales volume;\n<\/p>\n \n\u2022 our tobacco and wine subsidiaries\u2019 and our investees\u2019 continued ability to promote brand equity successfully; to anticipate and respond to evolving adult consumer preferences; to develop, manufacture, market and distribute products that appeal to adult consumers (including, where appropriate, through arrangements with, and investments in third parties); to improve productivity; and to protect or enhance margins through cost savings and price increases;\n<\/p>\n \n\u2022 changes, including in economic conditions (due to the COVID-19 pandemic or otherwise), that result in adult consumers choosing lower-priced brands including discount brands;\n<\/p>\n \n\u2022 the unsuccessful commercialization of adjacent products or processes by our tobacco subsidiaries and investees, including innovative tobacco products that may reduce the health risks associated with cigarettes and other traditional tobacco products, and that appeal to adult tobacco consumers;\n<\/p>\n \n\u2022 significant changes in price, availability or quality of tobacco, other raw materials or component parts, including as a result of the COVID-19 pandemic;\n<\/p>\n \n\u2022 the risks related to the reliance by our tobacco and wine subsidiaries on a few significant facilities and a small number of key suppliers and distributors, and the risk of an extended disruption at a facility of, or of service by, a supplier or distributor of our tobacco or wine subsidiaries or investees, including as a result of the COVID-19 pandemic;\n<\/p>\n \n\u2022 required or voluntary product recalls as a result of various circumstances such as product contamination or FDA or other regulatory action;\n<\/p>\n \n\u2022 the failure of our information systems or service providers\u2019 information systems to function as intended, or cyber-attacks or security breaches;\n<\/p>\n \n\u2022 our inability to attract and retain the best talent due to the impact of decreasing social acceptance of tobacco usage and tobacco control actions;\n<\/p>\n \n\u2022 the adverse effect of acquisitions, investments, dispositions or other events on our credit rating;\n<\/p>\n \n\u2022 our inability to acquire attractive businesses or make attractive investments on favorable terms, or at all, or to realize the anticipated benefits from an acquisition or investment and our inability to dispose of businesses or investments on favorable terms or at all;\n<\/p>\n \n\u2022 the risks related to disruption and uncertainty in the credit and capital markets, including risk of access to these markets both generally and at current prevailing rates, which may adversely affect our earnings or dividend rate or both;\n<\/p>\n \n\u2022 impairment losses as a result of the write down of intangible assets, including goodwill;\n<\/p>\n \n\u2022 the risks related to Ste. Michelle\u2019s wine business, including competition, unfavorable changes in grape supply, and changes in adult consumer preferences that have resulted and may continue to result in increased inventory levels and inventory write offs, and governmental regulations;\n<\/p>\n \n\u2022 the risk that any challenge to our investment in JUUL, if successful, could result in a broad range of resolutions such as divestiture of the investment or rescission of the transaction;\n<\/p>\n \n\u2022 the risks generally related to our investments in JUUL and Cronos, including our inability to realize the expected benefits of our investments in the expected time frames, or at all, due to the risks encountered by our investees in their businesses, such as operational, compliance and regulatory risks at the international, federal, state and local levels, including actions by the FDA, and adverse publicity; potential disruptions to our investees\u2019 management or current or future plans and operations; domestic or international litigation developments, government investigations, tax disputes or otherwise; and impairment of our investments;\n<\/p>\n \n\u2022 the risks related to our inability to acquire a controlling interest in JUUL as a result of standstill restrictions or to control the material decisions of JUUL, restrictions on our ability to sell or otherwise transfer our shares of JUUL until December 20, 2024, and non-competition restrictions for the same time period subject to certain exceptions;\n<\/p>\n \n\u2022 the adverse effects of risks encountered by ABI in its business, including effects of the COVID-19 pandemic, foreign currency exchange rates and the impact of movements in ABI\u2019s stock price on our equity investment in ABI, including on our reported earnings from and carrying value of our investment in ABI, which could result in impairment of our investment, and the dividends paid by ABI on the shares we own;\n<\/p>\n \n\u2022 the risks related to our inability to transfer our equity securities in ABI until October 10, 2021, and, if our ownership percentage decreases below certain levels, the adverse effects of additional tax liabilities, a reduction in the number of directors that we have the right to have appointed to the ABI board of directors, and our potential inability to use the equity method of accounting for our investment in ABI;\n<\/p>\n \n\u2022 the risk of challenges to the tax treatment of the consideration we received in the ABI\/SABMiller business combination and the tax treatment of our equity investment; and\n<\/p>\n \n\u2022 the risks, including criminal, civil or tax liability for Altria, related to Cronos\u2019s or Altria\u2019s failure to comply with applicable laws, including cannabis laws.\n<\/p>\n \nAltria cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements that it may make except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Altria or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above.\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nSchedule 1\n<\/p>\n<\/td>\n<\/tr>\n \nALTRIA GROUP, INC.\n<\/p>\n<\/td>\n<\/tr>\n \nand Subsidiaries\n<\/p>\n<\/td>\n<\/tr>\n \nReconciliation of GAAP and non-GAAP Measures\n<\/p>\n<\/td>\n<\/tr>\n \n(dollars in millions, except per share data)\n<\/p>\n<\/td>\n<\/tr>\n \n(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Earnings Provision Net Net Earnings Diluted For the year ended December 31, 2019<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 766 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,064 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (1,298)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (1,293)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (0.70)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nABI-related special items 1<\/sup><\/p>\n<\/td>\n \n(383)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(80)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(303)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(303)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.16)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTobacco and health litigation items\n<\/p>\n<\/td>\n \n77\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n58\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n58\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.03\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAsset impairment, exit, implementation and \n331\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n62\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n269\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n269\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.15\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nImpairment in JUUL equity securities\n<\/p>\n<\/td>\n \n8,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.60\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCronos-related special items\n<\/p>\n<\/td>\n \n928\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n288\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n640\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n640\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.34\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTax items\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n99\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(99)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(99)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.05)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 2019 Adjusted for Special Items<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 10,319 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,452 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 7,867 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 7,872 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4.21 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n For the nine months ended September 30, 2020<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 4,349 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,817 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,532 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,543 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1.36 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nABI-related special items\n<\/p>\n<\/td>\n \n689\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n145\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n544\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n544\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.29\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nImplementation and acquisition-related costs\n<\/p>\n<\/td>\n \n415\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n101\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n314\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n314\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.17\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTobacco and health litigation items\n<\/p>\n<\/td>\n \n76\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.03\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nImpairment of JUUL equity securities\n<\/p>\n<\/td>\n \n2,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.40\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCronos-related special items\n<\/p>\n<\/td>\n \n144\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n143\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n143\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.08\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCOVID-19 special items\n<\/p>\n<\/td>\n \n50\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.02\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTax items\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(38)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.02\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 2020 Adjusted for Special Items<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 8,323 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 2,058 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 6,265 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 6,276 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3.37 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup> Prior period amounts have been recast to conform with current period presentation for certain ABI mark-to-market adjustments that were not previously identified as special items and that are now excluded from Altria\u2019s adjusted financial measures.\n<\/p>\n \nWhile Altria reports its financial results in accordance with GAAP, its management reviews certain financial results, including diluted EPS, on an adjusted basis, which excludes certain income and expense items, including those items noted under \u201c2020 Full-Year Guidance\u201d above. Altria\u2019s management does not view any of these special items to be part of Altria\u2019s underlying results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Altria\u2019s management believes that adjusted financial measures provide useful additional insight into underlying business trends and results and provide a more meaningful comparison of year-over-year results. Altria\u2019s management uses adjusted financial measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. These adjusted financial measures are not consistent with GAAP and may not be calculated the same as similarly titled measures used by other companies. These adjusted financial measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201202005509\/en\/<\/a><\/span><\/p>\n \nAltria Client Services \nAltria Client Services KEYWORDS:<\/b> Virginia United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Tobacco Retail<\/p>\n\n
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