Reckitt Benckiser 3Q Revenue Rose on Currency Effects; Expects Inflation in High Teens

By Anthony O. Goriainoff

Reckitt Benckiser Group PLC said Wednesday that third-quarter revenue rose as it benefitted from foreign-exchange tailwinds of 8.5%, and that continues to expect inflation on its cost of goods sold to remain in the high teens for the year.

The consumer-goods company, which houses Dettol, Harpic and Durex among its brands, said quarterly revenue rose 14% on year on a reported basis to 3.74 billion pounds ($4.29 billion). Like-for-like revenue growth was 7.4%, Reckitt said.

Year-to-date revenue stood at GBP10.6 billion.

Reckitt Benckiser said it was narrowing it full-year like-for-like net revenue growth target to a range of 6% to 8% range from the previous 5% to 8% range.

"During the second half of the year, we expect nutrition margins to normalize, a higher level of investment versus the first half of the year, and to face a tougher inflationary environment as more favorable hedge positions prevailing in the first half are renewed at higher rates," the company said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

10-26-22 0240ET