SLOUGH (dpa-AFX) - British consumer goods giant Reckitt Benckiser Group plc (RBGPF.PK, RB.L) reported Tuesday that its third-quarter Group net revenue declined 6.8 percent to 3.28 billion pounds from last year's 3.51 billion pounds.
Group like-for-like or LFL revenue growth was 3.3 percent, offset by a negative net M&A impact of 5.0 percent, primarily related to IFCN China, and adverse FX of 5.1 percent.
In the quarter, volume growth was 1.6 percent and price/ mix improvements were 1.7 percent.
Two-year 'stacked' net revenue growth up was over 18 percent.
The company delivered growth in each of three GBUs and in each of three geographic regions, with a balance of volume and price/mix across the portfolio. Nine of ten largest brands are up double-digits on a two-year basis.
Hygiene segment revenues were 1.45 billion pounds, down 2.8 percent on a reported basis, but up 2.9 percent on LFL basis.
Health revenues fell 2.5 percent on a reported basis, but grew 3.6 percent on LFL basis.
Nutrition revenues declined 20.6 percent, but LFL revenue growth was 3.8 percent.
Laxman Narasimhan, Chief Executive Officer, said, 'In September, we reiterated the building blocks which will see Reckitt return to mid-single digit revenue growth and mid 20's margins... Reflecting this strength, we now expect like-for-like net revenue growth for FY 2021 in the range of 1-3 percent. Despite significant cost pressures, the benefits of our pricing actions, mix and productivity programme, mean our margin guidance is unchanged, and we remain confident in our medium-term outlook.'
The company previously expected fiscal 2021 like-for-like net revenue growth of 0-2 percent and adjusted operating profit margins of between 22.7 percent and 23.2 percent.
Copyright RTT News/dpa-AFX