{"id":76604,"date":"2023-10-25T09:15:21","date_gmt":"2023-10-25T13:15:21","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/reckitt-sweetens-drop-in-sales-volumes-with-1-2-billion-buyback\/"},"modified":"2023-10-25T09:15:24","modified_gmt":"2023-10-25T13:15:24","slug":"reckitt-sweetens-drop-in-sales-volumes-with-1-2-billion-buyback","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76604","title":{"rendered":"Reckitt sweetens drop in sales volumes with $1.2 billion buyback"},"content":{"rendered":"
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\u00a9 Reuters. Lysol, a brand of Reckitt Benckiser Group PLC, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. REUTERS\/Andrew Kelly<\/span>
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By Richa Naidu<\/p>\n

LONDON (Reuters) – Reckitt, maker of Dettol and Lysol cleaning products, on Wednesday missed third-quarter like-for-like sales expectations as volumes declined, but said it would start a 1 billion pound ($1.2 billion) share buyback programme “imminently”.<\/p>\n

Its shares were down 2.3% in early trade, among the worst performers on London’s blue-chip .<\/p>\n

Major consumer goods companies have hiked prices since the COVID-19 pandemic to make up for higher costs, prompting an increase in competition from cheaper brands as shoppers look for better deals. <\/p>\n

In Reckitt’s case, even as volumes for its health business rose, they continued to decline at its hygiene segment.<\/p>\n

The company’s third-quarter sales volumes were also up against a tough comparative period from last year, when the recall of a rival U.S.-based company’s infant formula boosted sales of Reckitt’s Enfamil products there.<\/p>\n

“It’s not a uniform picture in our portfolio and actually health has been very resilient,” said CEO Kris Licht, who started the job on Oct. 1.<\/p>\n

“I’m going to stay away from declaring exactly when we’ll cross over into positive volume territory but we are very encouraged by the trends we are seeing.”<\/p>\n

Reckitt said quarterly like-for-like net sales rose 3.4%, behind the 3.7% growth analysts had expected in a company-supplied poll.<\/p>\n

“The third-quarter miss is a bit surprising as the 15.7% volume decline in third-quarter nutrition is a lot bigger than the 7.1% tough volume comparison they had last year,” Bernstein analyst Bruno Monteyne said.<\/p>\n

Rival consumer products makers that have raised prices over the past two years have said in recent weeks that sales volumes could soon see improvements.<\/p>\n

P&G, for instance, which makes household and personal products, said volumes would stabilise and start to pick up through the rest of the year.<\/p>\n

The price\/mix for Reckitt’s products, which include Nurofen tablets and Durex condoms, rose 7.5%. Volumes declined 4.1% compared with last year.<\/p>\n

“The negative was the drop in volumes in the nutrition division. This was much worse than expected,” Tineke Frikkee, a portfolio manager at Waverton Investment Management, said. “The positive surprise was the 1-billion-pound share buyback.”<\/p>\n

The buyback programme will take place over the next 12 months.<\/p>\n

($1 = 0.8218 pounds) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Lysol, a brand of Reckitt Benckiser Group PLC, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. REUTERS\/Andrew Kelly By Richa Naidu LONDON (Reuters) – Reckitt, maker of Dettol and Lysol cleaning products, on Wednesday missed third-quarter like-for-like sales expectations as volumes declined, but said it […]<\/p>\n","protected":false},"author":1,"featured_media":3798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-76604","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nReckitt sweetens drop in sales volumes with $1.2 billion buyback | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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