Berry Global’s Sales Drop

Berry Global reported net sales of $3.06 billion in the first quarter of 2023, down from $3.57 billion in the first quarter of 2022. The net sales decline is primarily attributed to a 6% volume decline, decreased selling prices of 4% and a 3% unfavorable impact from foreign currency changes. The volume decline is primarily attributed to general market softness and customer destocking as supply chains normalize.

Net sales in the Health, Hygiene, & Specialties segment were $663 million in the first quarter of 2023, down from $818 million in the first quarter of 2022. The net sales decline is primarily attributed to decreased selling prices of $72 million, an 8% volume decline, and an $18 million unfavorable impact from foreign currency changes. The volume decline is primarily attributed to general market softness in specialties markets and customer destocking as supply chains normalize.