(GREENSBORO) -- Lorillard, Inc. reported first quarter net income of $223 million.  That's down from $248 million during the same period of the prior year.

The Greensboro-based cigarette maker repurchased 1.6 million shares during the quarter at a cost of $188 million. Lorillard's domestic wholesale shipments decreased 2.5 percent in the first quarter. The company also acquired electronic cigarette company blu ecigs.

"Lorillard's fundamental performance remained strong in the first quarter, although it was masked by significant changes in wholesale inventory," said Chairman, CEO & President Murray S. Kessler. "At retail, which is unaffected by wholesale inventory, Lorillard once again achieved record high levels of market share in all key segments of the cigarette industry in which we compete."