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Avery Dennison FY19 net sales grow 1.2% y-o-y

Jan '20
Pic: Avery Dennison
Pic: Avery Dennison
Avery Dennison Corporation, a global materials science company, has announced preliminary, unaudited results for its fourth quarter (Q4) and year that ended December 28, 2019. Net sales in Q4 slightly rose 0.2 per cent to $1.77 billion compared to same period last year. Net sales for FY19 increased 1.2 per cent to $7.07 billion compared to previous year. 
"We delivered another year of strong adjusted earnings growth in 2019, despite challenging market conditions and significant currency headwinds," Mitch Butier, chairman, president and CEO, said in a press release.
Retail branding and information solutions reported 3.6 per cent growth. On an organic basis, sales grew 5.2 per cent driven by continued strength in RFID (radio frequency identification) and external embellishments. 
Label and Graphic Materials reported sales decreased 0.4 per cent. On an organic basis, sales grew 1.5 per cent.
Industrial and healthcare materials reported sales declined 3.1 per cent. On an organic basis, sales fell 1.1 per cent, reflecting a mid-single digit decline in healthcare categories, partially offset by a low-single digit increase in industrial categories.
"Our focus in this environment is on protecting our margins in the base business, while driving faster-than-average growth and continuing to invest disproportionately in high value categories like RFID. We are executing well on both fronts," Butier said.
"For 2020, we are targeting continued progress toward our 2021 goals. We anticipate solid earnings growth, benefiting from our improved volume trend. We continue our relentless pursuit of productivity, triggering the next wave of restructuring savings, while investing to drive future growth and strengthen our competitive advantage, including our recently announced acquisition of Smartrac," Butier added.

Fibre2Fashion News Desk (JL)

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