Reckitt Benckiser 1Q Revenue Rose as Prices Were Hiked

By Michael Susin and Ian Walker

Reckitt Benckiser Group PLC said Friday that its first-quarter revenue rose 5.6% on a like-for-like basis as it increased prices, and that it expects like-for-like revenue growth for the year to be at the top end of its forecast range.

The consumer-goods company--which houses Dettol, Harpic and Durex among its brands--said quarterly revenue to 3.42 billion pounds ($4.26 billion) as it raised prices by 5.3%, while volumes grew 0.3%.

Revenue was forecast at GBP3.31 billion, according to a company-provided consensus. Like-for-like sales consensus forecast was 1.5%.

Sales were boosted by the health and nutrition units, which grew 20.6% and 20.4%, respectively. Hygiene sales grew 9%.

The FTSE 100-listed company reiterated that it expects expect adjusted operating margins to be in line with both the prior year and current market expectations, while continuing to invest in the long-term growth of its brands.

Like-for-like net revenue growth guidance is for growth of 1%-4%.

"As we look to the balance of the year, the operating environment remains highly unpredictable. We are well placed to address these market dynamics through the strength of our brands, our favorable product mix, our productivity program and the responsible pricing initiatives already undertaken, with scope to take further actions," Chief Executive Laxman Narasimhan said.

Write to Michael Susin at [e-mail] and Ian Walker at [e-mail]

(END) Dow Jones Newswires

April 29, 2022 03:02 ET (07:02 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.