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Reckitt cuts forecast as US tornado damage hits baby formula sales
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Reckitt cuts forecast as US tornado damage hits baby formula sales
Jul 24, 2024 12:12 AM

July 24 (Reuters) -

British consumer goods group Reckitt lowered its

full-year sales growth forecast for 2024 on Wednesday, due to

supply disruptions at its infant formula business after tornado

damaged a third-party warehouse in the U.S.

Reckitt, which makes Dettol and Lysol disinfectants,

also said it had missed like-for-like net sales growth

expectations for the second quarter.

The Mount Vernon warehouse in Indiana, out of action since

the tornado struck on July 9, is an important site for the

company's Mead Johnson Nutrition business, containing both raw

materials and finished products.

For the full year, Reckitt now sees like-for-like

revenue growth of 1-3%, down from its previous forecast of a

2-4% rise.

For the first half of 2024 Reckitt reported adjusted

operating profit of 1.68 billion pounds ($2.16 billion), higher

than the 1.63 billion pounds seen by analysts polled in the

company consensus.

($1 = 0.7763 pounds)

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