Optimistic Avery reaffirms guidance

Despite reporting a "modest" decline in sales growth, Avery Dennison has reaffirmed its Q1 earnings guidance.

President/COO Dean Scarborough told an annual meeting of security analysts and investors: "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," he added.

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