Avery Dennison EPS Badly Misses Targets

Avery Dennison(AVY Quote) badly missed Wall Street expectations in the first quarter, hurt by lagging retail sales.

The Pasadena, Calif., company, which makes adhesive labels and other office products, posted earnings of $11.4 million, or 11 cents a share, well below analysts' estimates of 22 cents, as compiled by Thomson Reuters.

The numbers exclude a series of special items, including restructuring charges, asset impairment write-downs and debt-retirement costs. With those items, the company lost $46.2 million, or 46 cents a share, compared with a profit in the year-ago period of $69 million, or 69 cents a share. ...