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I remember reading an interview in CA with Jemma Freeman (last year, I think) in which she said that H&F have over two-years' worth of stock, so I suspect any price changes which would affect new imports would only filiter through quite slowly. (Whereas changes to tax/excise would filter through quite quickly as the cigars come out of bond more or less as sold I would suspect). Then again, I'm not an expert in business cashflows, so I may be wrong...
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