Reckitt Benckiser (LON:RB) shares sunk nearly 5 percent at market open, after reporting solid sales and revenue growth in the first quarter.

Sales in the first three months of the financial year rose 23 percent, assisted by currency fluctuations and acquisitions.

Acquisitions included Mead Johnson Nutrition, an infant formula business bought by the company last year, which reported revenue growth of 3 percent.

Sales at Reckitt Benckiser rose to £3.11 million, increasing by 2 percent on a like-for-like basis.

The company confirmed annual guidance for a 13-14 percent rise in sales, representing like-for-like growth of 2-3 percent.

“A solid start overall in the first quarter, operating under our new organisational structure,” chief executive Rakesh Kapoor said.

“Our priority remains organic growth under our new focussed organisation structure. The integration of MJN is going well.”

Earlier this week Reckitt Benckiser shares fell after analysts warned that the consumer goods giant has tried to compensate for its stalling sales growth by upping prices faster than the competition.

Shares in Reckitt Benckiser are currently trading down 4.93 percent at 5,501.00 (0813GMT).