The maker of Dettol has announced on Wednesday they missed their first quarter like-for-like sales growth estimates sending their share price to tumble, Reuters reported.
Reckitt said they are “continuing to progress” on selling their Essential Home business this year as they acknowledged that the “market conditions may impact this timeframe,” their full-year like-for-like net sales grew between 2 and 4%, recognising the “challenging” the macroeconomic outlook.
“Given that Reckitt is in the middle of a complex turnaround, we view no news as good news in terms of operational performance,” Barclays analyst Iain Simpson said.
“We note widespread apprehension around this results season across consumer staples given the limited macro outlook.”
