Lucky Strike Maker to Take $31.5 Billion Charge on U.S. Brands

British American Tobacco said it would take an impairment charge of $31.5 billion as sales of its cigarette brands fall in the U.S.

The London-listed company, whose portfolio includes Kent, Dunhill and Lucky Strike, said its performance in the U.S. had been hindered by smokers switching to cheaper, nonpremium brands and a rise in illegal disposable vapes.