(Filed Under Financial and General Interest News). Avery Dennison, a major technology company serving the apparel industry, reported net sales of $1,511.5 million for their 2008 fourth quarter. This is an 11.8 percent decline from 2007 fourth quarter net sales of $1,714 million.

Revenue for roll materials declined in every one of their regions with the exception of Asia. In retail, the company attributed the decline in revenue to the "continued weakness of the retail apparel market in the U.S. and Europe." They added that they began a restructuring program in the fourth quarter of 2008 through which they expect to reduce costs, stating: "the company currently anticipates $150 million in annualized savings over the next two years."

For the full year of 2008, sales declined approximately three percent "on an organic basis" from 2007. The company did not report a 2009 earnings forecast "in light of decreased visibility in the global economic environment."

Avery Dennison is based in Pasadena, California.

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Published 02-18-2009 by Amanda Torres Price