Avery reaffirms Q1 guidance

15 March 2005 – Pasadena (CA): Despite reporting a "modest" decline in sales growth, Avery Dennison has reaffirmed its Q1 earnings guidance.

CEO Dean Scarborough told an annual meeting of security analysts and investors yesterday: "We are optimistic about our prospects for 2005, as we look forward to continued sales growth and improved profitability.

"Although sales growth has modestly slowed since January when we provided earnings guidance for the first quarter, we remain comfortable with the earnings-per-share range we provided."

Scarborough also outlined Avery’s long-term financial goals, including annual organic sales growth in the range of 5 per cent to 9 per cent and annual EPS growth exceeding 10 per cent.