Avery Dennison Sales Decrease in First Quarter of 2023
Avery Dennison Corp. announced preliminary, unaudited results for its first quarter ended April 1, 2023. The company reported sales decreased 13% to $1.5 billion. Sales were down 9% ex. currency and on an organic basis.
“Earnings per share were in line with our expectations for the first quarter, despite lower revenue due to higher-than-anticipated inventory destocking,” said Mitch Butier, chairman and CEO. “We continue to expect a strong second half as the pace of destocking moderates and intelligent label programs accelerate. We have revised our guidance range for 2023 earnings per share to reflect a softer outlook for the second quarter."