(CercleFinance.com) – Reckitt raised its annual sales target on Wednesday after reporting higher-than-expected sales in the third quarter, driven by its infant nutrition branch.
The British consumer goods maker now says it expects like-for-like sales growth of between 6% and 8% this year, down from a previous forecast of 5% to 8%.
The owner of the brands Finish, Vanish, Nurofen, Strepsils or Veet also posted slightly better than expected quarterly sales thanks to its focus on health and baby food.
Its third quarter turnover thus reached 3.73 billion pounds, up 14% on a reported basis and 7.4% on a like-for-like basis, compared to a consensus of 3.70 billion.
In its press release, Reckitt indicates that it has achieved comparable growth of 10.7% in health thanks to Nurofen, Strepsils and Durex, and 24.7% in infant nutrition, where it took advantage of the supply difficulties of its competitors in the United States.
Despite these announcements, the title was oriented sharply lower on the London Stock Exchange, an analyst pointing out that the target increase was already priced in by the market, which was previously targeting organic growth of 7.4% this year.
At 10:00 a.m. (local time), the action lost 4.3%, posting the largest drop of a FTSE 100 index down 0.3%.
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