SLOUGH (dpa-AFX) - British nutrition products maker Reckitt Benckiser (RBGPF.PK, RB.L) reported Wednesday lower group net revenues in its first quarter, even as core Reckitt revenues edged up from last year.
On a like-for-like or LFL basis, Group net revenues increased 1.1 percent, mainly reflecting strong growth in Emerging markets. The company also maintained its fiscal 2025 outlook.
For the quarter ended March 31, IFRS net revenues dropped to 3.68 billion pounds from last year's restated 3.74 billion pounds. Volume dropped 1.9 percent, while price/mix grew 3 percent.
Core Reckitt net revenues, however, grew 0.3 percent to 2.630 billion pounds from 2.622 billion pounds a year ago with a 0.3 percent rise in volume and 2.8 percent rise in price/mix.
Core Reckitt LFL revenues grew 3.1 percent with 10.7 percent rise in Emerging Markets. Europe LFL revenues dropped 1.7 percent and North America LFL revenues edged down 0.9 percent.
Mead Johnson Nutrition revenues fell 1.7 percent on a reported basis and 0.5 percent on LFL basis. Essential Home revenues fell 9.7 percent on a reported basis and 7 percent on LFL basis.
Kris Licht, Chief Executive Officer, said, 'We delivered a solid first quarter driven by Core Reckitt with continued strong growth in Emerging Markets. ...Our portfolio of high-growth, high-margin Powerbrands underpins our resilience, and we maintain our outlook for full year 2025 whilst recognising the more challenging macroeconomic outlook.'
Looking ahead, in the second quarter, the company expects Core Reckitt growth to be led by Emerging Markets with mid-to-high single digit growth, and low-single digit growth in Europe, despite low-single digit decline in North America.
For fiscal 2025, Reckitt Benckiser continues to expect to deliver adjusted earnings per share growth, with Group LFL net revenue growth of 2 percent to 4 percent.
The company still targets 3 percent to 4 percent LFL net revenue growth in Core Reckitt, and low-single digit LFL net revenue growth in Essential Home and Mead Johnson Nutrition in 2025.
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