Reckitt's Korean Business Implodes, Dragging Down an Otherwise Solid Quarter; Shares Still Frothy
Reckitt Benckiser's second-quarter results were materially hampered by a steep decline in sales in South Korea after the company accepted responsibility in May for having sold a toxic humidifier disinfectant in the country between 2001 and 2011. Reckitt took an after-tax charge of around GBP 300 million related to the issue in the second quarter. The utter implosion of Reckitt's business in Korea highlights the tenuous power of brands as a competitive advantage in certain categories, in our opin...Reckitt Benckiser Group develops, acquires, produces, distributes and promotes consumer products in the health, hygiene and home categories. Co.'s health category covers treatment products such as pain and flu, and also wellness products in sexual wellbeing, footcare, vitamins and supplements. Co.'s hygiene category consists of personal and home hygiene products. Co.'s geographical segments comprise Europe (ENA) and Africa, Middle East (DvM). ENA comprises Europe, Russia/CIS, Israel, North America, Australia and New Zealand. DvM principally comprises North Africa, Middle East (excluding Israel) and Turkey, Africa, South Asia, North Asia, Latin America, Japan, South Korea and ASEAN.
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