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Byline: Brian Louis
Feb. 13--Loews Corp. said yesterday that fourth-quarter profit fell 25.7 percent for its Carolina Group tracking stock as sales dropped because of increased promotional spending.
"2003 was a relatively difficult year in terms of earnings for the tobacco industry," James Tisch, the chief executive of Loews, said during a conference call with analysts.
Carolina Group reflects the business performance of Loews' Lorillard Inc. subsidiary, which is based in Greensboro and makes Newport. Loews, a conglomerate based in New York, sold 18 million shares of Carolina Group in November, reducing its interest in the earnings of the group to …