Household goods giant Reckitt cuts its sales outlook after a Lysol shortage hits US sales and shares fall 6%

Reckitt Benckiser has trimmed its full-year core revenue forecast to like-for-like growth of 3.5% to 4.5%, pulling back from the 4% to 5% it had previously guided, after temporary problems during a factory upgrade strangled Lysol disinfectant supplies across North America. Chief executive Kris Licht said underlying consumer demand for Lysol held up well, but the company had been unable to keep up with what customers needed. War-related cost pressures tied to Iran led the FTSE 100 group to lift European prices by 4% in the three months to September, steering shoppers towards cheaper rivals.

Reckitt's North America like-for-like sales fell 1.3% in the third quarter, though a rebound is expected in Q4.

Volume sales in Europe dropped 3.2% despite a 0.8% rise in like-for-like revenues, as budget retailers gained ground.

Reckitt's shares fell 6% on Tuesday morning after the weaker-than-expected results landed.