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.
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