LONDON, Feb 28 Reuters Consumer goods group Reckitt missed fourthquarter likeforlike net sales expectations, it said on Wednesday, citing declines in sales of cold and flu season products.

The maker of Nurofen pain medication and Dettol cleaning products said it is confident in the year ahead and expects likeforlike net revenue growth of 24, with midsingledigit growth for its Health and Hygiene portfolios.

Reckitt said quarterly likeforlike net revenue fell 1.2 while analysts in a companysupplied poll had expected 1.6 growth.

While our performance in Q4 was unsatisfactory, we look to 2024 and beyond with confidence, CEO Kris Licht said.

The company also said it recently identified an understatement of trade spend in two Middle Eastern markets related to the fourth quarter and prior quarters of 2023.

As a result, full year net revenue was 55 million pounds 69.59 million lower than previously expected.

Reckitt39;s fullyear adjusted operating profit was 3.37 billion pounds, down from 3.44 billion pounds.

Following an investigation, we concluded a small group of employees had acted inappropriately and we are taking necessary disciplinary action, Reckitt said in its earnings statement. We are confident this is an isolated incident specific to these two markets and does not impact our 2024 outlook and mediumterm goals.

1 0.7904 pounds

Reporting by Richa Naidu; editing by David Goodman and Jason Neely

Source Reuters