UPDATE 2-Avery Dennison Q1 profit lags Street, shares fall
* Q1 adj EPS $0.11 vs est $0.22
* Rev down 13 pct
* Shares fall as much as 8 pct (Recasts; adds details, analyst comment, updates share movement)
April 28 (Reuters) - Label and office supplies maker Avery Dennison Corp (AVY.N: Cotización) posted lower-than-expected quarterly profit as sales across all its segments fell, sending its shares down as much as 8 percent.
"Business conditions remain weak, particularly in the retail sector," Chief Executive Dean Scarborough said in a statement.
Avery Dennison, which began a restructuring program in the fourth quarter and cut 10 percent of its global workforce, said it expects to incur about $130 million of cash restructuring charges, with the majority to be recorded in 2009.
The company is targeting more than $150 million in annualized savings over the next two years.
"Avery Dennison was among the earliest stocks to enter recession, and we believe will be among the first to recover," analyst John Roberts of Buckingham Research Group wrote in a note to clients. The analyst raised his price target on the stock to $34 from $28.
For the first quarter, the company reported a net loss of $46.2 million, or 46 cents a share, compared with net income of $68.4 million, or 69 cents a share, a year earlier. Continuación...