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Reckitt Benckiser Hikes Prices To Compensate For Falling Demand: FT

Benzinga · 04/29/2022 07:37
  • Reckitt Benckiser Group Plc (OTC:RBGLY) (OTC:RBGPF) has hiked prices across its product range to pass an increase in raw material costs onto customers, the Financial Times reported.
  • The move comes after the consumer giant said that inflation on the cost of goods sold has increased from low teens to high teens based on current commodity pricing.
  • The report noted the price rise is also seen as a way to compensate for a fall in demand for disinfectants now that Covid restrictions have been eased.
  • The company reported Q1 like-for-like sales rose by 5.6% to £3.4 billion.
  • The report noted that Unilever PLC (NYSE:UL) had also announced an 8% price hike after the war in Ukraine contributed to higher input costs.
  • Price Action: RBGLY shares closed higher by 0.79% at $15.68 on Thursday.