LONDON, April 24 Reuters Consumer goods group Reckitt39;s likeforlike sales growth beat estimates in the first quarter as more people bought its Lysol, Dettol and Finish cleaning products even as prices rose, it said in a trading update on Wednesday.

The company said it was on track to meet fullyear revenue and profit targets, led by midsingledigit growth across its health and hygiene businesses.

Reckitt39;s quarterly likeforlike net sales rose 1.5, against 0.9 growth expected by analysts in a poll by the company.

We continue to benefit from carryover pricing and consumers trading up to our premium innovations, said CEO Kris Licht.

Reckitt39;s other products include Nurofen tablets, cold remedy Lemsip and Durex condoms.

Consumer companies from Reckitt to Nestle have invested heavily in product innovation to win back shoppers who had turned to cheaper brands during the COVID19 pandemic and more recent costofliving crisis in the belief that improvements to existing products will allow them to raise prices without taking a hit on sales volumes.

Reckitt said firstquarter volumes rose 2.9 at the company39;s hygiene business its largest by revenue but the pricemix metric that shows how much its products sold for rose by 4.2.

The company39;s overall pricemix ratio rose 2 while volumes declined by 0.5. Analysts had expected a 2.2 pricemix gain and volumes to decrease by 3.2.

Reporting by Richa Naidu Editing by David Goodman

Source Reuters