By Reuters Staff
2 Min Read
TOKYO (Reuters) - Japan Tobacco Inc (JT) said on Tuesday it planned to cut around 1,000 jobs and focus its efforts on winning market share in heated tobacco devices, as it forecast an unexpected slump in profit this year.
The company said it expects 2021 operating profit to fall 23% to 363 billion yen ($3.46 billion), compared with the market’s forecast for a slight recovery to 476 billion yen, according to Refinitiv data.
JT, despite commanding over half of the domestic cigarette market, has lagged rival Philip Morris in the increasingly popular category of heat-not-burn (HNB) cigarettes.
The company said it was looking to cut around 1,000 jobs, offering voluntary and early retirement packages, citing declining sales of conventional cigarettes.
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There are currently three locations in Prior Lake to purchase e-cigarette products and the approval of a tobacco and e-cigarette retail license by the city council will shortly make that four.
But the sale of flavored e-cigarette products at the new retail location and convenience stores may be short lived as city staff have temporarily halted further applications and are in the process of drafting an ordinance that could potentially ban the sale of flavored e-cigarette products within Prior Lake entirely.
State and federal action
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Prior Lake isnât the first city to consider stricter regulations than recognized by the state.