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Avery Dennison posts Q1 FY20 sales of $1.72 billion
30 Apr 20 2 min read
Avery Dennison Corporation, a global materials science company, posted 1 per cent decline in its net sales to $1.72 billion in first quarter (Q1) FY20 ended on March 28, 2020 compared to sales of 1.74 billion in same period prior year. Net income for the quarter were $134.2 million compared to a reported loss of $146.9 million in Q1 FY19.
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“While earnings exceeded our expectations in the first quarter, the early stages of this downturn (due to Covid-19) are playing out differently than past recessions. Label and Packaging Materials, our largest business, serves essential categories that are experiencing higher demand during the pandemic. In contrast, RBIS (Retail Branding and Information Solutions), which primarily serves apparel markets, is seeing a significant decline in demand, reflecting widespread retail store and apparel manufacturing closures,” Mitch Butier, chairman, president and CEO, said in a press release.
Gross profit for the quarter were $485.1 million (Q1 FY19: $465.4 million). Marketing, general and administrative expense were $281.0 million (Q1 FY19: $276.3 million).
Sales of Label and Graphics Materials grew 2.5 per cent to $1.1 billion. Sales of RBIS fell 0.9 per cent to $394.6 million. Sales of Industrial and Healthcare Materials dropped 9.7 per cent to $147.6 million.
“Our strategic priorities remain unchanged. We are protecting our investments to expand in high value categories, including RFID, while driving long-term profitable growth of our base businesses, and remain confident in our ability to create significant long-term value for all our stakeholders,” Butier said.
Fibre2Fashion News Desk (JL)
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