Year-end revenues for Philip Morris Cos. grew 8.1% to total $68.9 billion, the company reported today. The increase was driven largely by international tobacco and domestic food businesses. Domestic tobacco sales increased 8.4%, to $12.5 billion in 1996. PM's Marlboro brand captured a 33% market share, the brand's all-time highest. Revenues from Kraft Foods' North American operations increased 3.8% to $16.2 billion, buoyed by a 25% volume gain in the frozen pizza category. The dark spot in the company's performance came from struggling Miller Brewing Co., where sales grew only 0.5%, to $4.3 billion. Shipments for the division, totalling 43.8 million barrels, were down 2.7% last year largely due to soft sales in its Red Dog and Genuine Draft brands.
Copyright January 1997, Crain Communications Inc.