Reckitt is on track after in-line third quarter, but shares remain frothy despite currency tailwind.
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...
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