Reckitt Benckiser 3Q Like-for-like Revenue Rose, Raises 2021 Guidance

By Joe Hoppe

Reckitt Benckiser Group PLC said Tuesday that its third-quarter revenue rose on a like-for-like basis but slipped on a reported basis, and raised its full-year revenue guidance.

The consumer-goods company, which houses Dettol, Harpic and Durex among its brands, said quarterly revenue fell 6.8% on year on a reported basis to 3.28 billion pounds ($4.52 billion). Like-for-like revenue growth was 3.3%, Reckitt said.

The company said its like-for-like broad-based growth and encouraging start to the cold and flu season was offset by mergers and acquisition expenses, and adverse foreign exchange movements.

Year-to-date revenue stood at GBP9.87 billion, up 3.6% on a like-for-like basis but down 5.3% on a reported basis compared with the year-earlier period, it added.

The company said that all of its geographic regions reported growth, and nine of its 10 largest brands sales are up by double-digit percentages on a two-year basis.

"Despite significant cost pressures, the benefits of our pricing actions, mix and productivity program, mean our margin guidance is unchanged, and we remain confident in our medium-term outlook," Chief Executive Laxman Narasimhan said.

Reckitt Benckiser said it now expects full-year like-for-like net revenue to increase by around 1% to 3% on year, on the back of its stronger-than-expected performance.

Write to Joe Hoppe at [e-mail]

(END) Dow Jones Newswires

October 26, 2021 02:37 ET (06:37 GMT)

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