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Reckitt Benckiser upgrades guidance on higher hygiene product sales

By BFN News | 07:13 AM | Tuesday 20 October, 2020


Consumer goods group Reckitt Benckiser upgraded its annual revenue guidance as it reported a 6.9% rise in third-quarter sales buoyed by higher demand for hygiene products during the pandemic. Like-for-like revenue growth for the year through December was now expected in the 'low double digits', up from previous guidance of the 'high single digits'. Revenue in the three months through September climbed 6.9% to £10.42 billion, or by 13% on a like-for-like basis. On a reported basis, sales growth was strongest in the hygiene products division, rising 12%, while sales in the health division rose 6.9%. Reported sales in the nutrition division fell 1.8%. 'Our performance has been led by an increase in Hygiene and Health volumes, led by our market-leading disinfectant brands - Dettol, Lysol, Sagrotan and Napisan,' chief executive Laxman Narasimhan said. 'Growth has been underpinned by better customer service levels and an improved supply chain performance, together with strong momentum in eCommerce.' 'While the revenue performance in nutrition improved in the quarter, we remain fully focused on addressing the headwinds, such as Hong Kong, and taking the actions necessary to deliver a sustained improvement.' Narasimhan said the company's plan to invest over £2 billion over three years was on track, supported by an expanded productivity programme which had delivered savings of £300 million so far this year. Story provided by StockMarketWire.com

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