logo
Plus   Neg
Share
Email

Reckitt Benckiser Q3 Revenue Up, Health LFL Revenue Down; Cuts FY19 View

UK consumer goods giant Reckitt Benckiser plc (RBGLY,RB.L) reported Tuesday that its third-quarter net revenue increased 5.3 percent from last year to 3.28 billion pounds. On a like-for-like basis, revenue grew 1.6 percent, despite a 1 percent drop in volume.

Health net revenue increased 3.6 percent to 1.96 billion pounds. LFL revenue, meanwhile, edged down 0.3 percent.

Hygiene Home revenue grew 7.9 percent on a reported basis and 4.5 percent on LFL basis to 1.33 billion pounds.

Laxman Narasimhan, Chief Executive Officer, said, "RB's performance in Q3 was disappointing. ...Our Health business, despite good market growth and stable consumer offtake, delivered a weak net revenue performance. This was primarily due to issues in the US and China. In the US, we saw more cautious retailer seasonal purchasing patterns. In China, IFCN continues to face challenging market conditions."

Further, the company said it has lowered revenue outlook for the full year 2019 to reflect the combination of a weak Health performance in the third quarter and inherent seasonal uncertainty in the fourth quarter.

LFL Net Revenue growth for the year is now expected to be 0 percent to 2 percent, compared to previously expected 2 percent to 3 percent growth.

The company now expects a modest adjusted operating margin decline in 2019, compared to previously expected flat margin.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Best Buy Co., Inc. is offering more tech deals at Black Friday prices starting Thanksgiving. Further, Cyber Monday offers will be available all week long, starting Saturday, November 28. The electronics retailer said the Thanksgiving offers for brands such as Apple, Dyson, KitchenAid and more will be available at BestBuy.com since its stores are closed for the day. Walt Disney Co. plans to lay off 32,000 workers in the first half of fiscal 2021 as the media and entertainment giant struggles to operate amid the worsening coronavirus pandemic. In a filing with the Securities and Exchange Commission, the company said the expected cuts will be primarily at Parks, Experiences and Products. Supermarket chain Whole Foods Market, owned by e-commerce giant Amazon, has recalled packaged popcorn chicken with sweet chili sauce citing the possible presence of undeclared shellfish or shrimp, an allergen, the U.S. Food and Drug Administration said. The affected products were sold across 26 Whole Foods Market locations in Northern California and Reno, Nevada.
RELATED NEWS
Follow RTT