everyone. hello, and Mitch, Thanks,
label being As Mitch apparel impacted first inventory by reductions mentioned, channels. throughout our is half and
near lower term, countermeasures on impact the our the we minimizing volume environment accordingly, the Given of have during in line soft volume period. bottom activated this on focusing
businesses, Labels. restructuring actions, temporary Intelligent back particularly investments and investments up reduction initiatives, We while high-growth initiatives our in have our cost initiated capital paid in base ramped protecting
Group by ex driven sales on offset currency more were an by higher provide basis, a down decline, our and organic X% segment color partially roughly prices. volume XX% now I'll on Materials performance.
the quarter. volumes were to by impact the in digits Russia region, than the in quarter trends down was exiting residual with while double down overall mid-single label more growth low XX%; at by materials North organic than China lowered down XX%; America more markets Europe of was Looking volume down X emerging digits, points low
the It's in with customers industry levels end of greater our more was customers. built clear direct now at and scale both expected that higher the than inventory
supply a led to XXXX before, imbalance shared we've in and in inventory throughout demand As and levels XXXX. the be industry built
constraints showed chain beginning and signs QX ease to inventories QX. began trend reduced now continued swiftly material moderating, inflation raw of a that and into supply in As through November,
be productivity net margin expect compared more was than midyear raw inventory largely Adjusted offset historic X material to of point strong, benefits costs in We lower trajectory. the correction and QX to volume year growth to as our relatively and complete XX.X% to pricing down GDP+ from EBITDA were by volume. rebound prior of
points destocking. adjusted higher QX, from basis despite margin Sequentially, increased inventory EBITDA XXX
continue to margin EBITDA XXXX. adjusted improving throughout sequentially expect We
X% Solutions more X% low organically, than to down were the to High-value offset being basis. organic turning business Group. on down compared was categories points prior Sales of base year, XX%. the single Adjusted by down XX.X% margin digits and Now an up ex volume. by XXX EBITDA currency lower roughly basis were driven
We expect margin XXXX. to throughout improve adjusted EBITDA sequentially
continued to corrections across soft channels, sentiment inventory quarter driven retailers muted the both by in sourcing factoring their into near-term and volumes apparel be expected, plans. As
and category the our the segment apparel increasing expect for half growth, the in rebound We to throughout business platform embellishment as well. year, particular, in in additionally external platform Solutions year, Intelligent the benefit second Labels our our to of and from high-value
in a external of signed earlier $XX Lion embellishments embellishments, shift part we agreement platform the of solutions, this external revenue. roughly acquisition Solutions position a our key acquire an leading provider Brothers, growth Group. week, to with in for expands annual our million portfolio This As to value higher
Labels. Turning Intelligent to
food due categories, expansions, to were the decline program mature by growth quarter. expect apparel in lower were including an XX%, enterprise-wide sentiment. a low on retailer accelerate and logistics, we in destocking the While roughly largely to offset category up year, basis other digits single sales for and up Non-apparel organic
continues we be a Overall, the in this to $X confident XXXX. underlying momentum business this in that will billion are and platform accelerate,
circularity solutions of shortage consumers enabling and and items waste, food and like and chain labor connect. with visibility, helping challenging solve problems provide helping brands and help Our traceability dealing effectiveness supply better labor
and further major cases throughout use drive year. with customers expect adoption, expand extend we the programs such, As to
In expand and categories pilots technology beyond to in loads, out is QSR discount to improve with goods provider as rolling our to accuracy miss logistics, and and broad retailer home food, we continue continues In a toys. general grocery. of adoption In apparel retail, solutions rotting large promising and logistics leading a productivity. such
expect We for be second QX volume in half multiples will of the this program.
penetration solutions. apparel, in drive our continue And to cases we of expand the and new use with customers
experience, they autonomy well packing. For as will in recently time RFID our eliminate increasing tags example, into proprietary Inditex, by tags customer shared up reducing owner efficiency the hard client garments of online that the checkout the as sewn XX%, use and including to enhance integrated to Zara,
are pioneering be solution initiatives. We partner the proud RFID to key across these
are And Our strategies of the physical extremely and pay ultrahigh continue off. capture but well to the positioned only new frequency not to create them, the opportunities RFID, digital. leader we these in leading intersection as at
underlying Stepping and year. the in accelerates the as normalize inventory business levels second back, throughout half continue a we this momentum year, our expect strong to
of deliver business a across Given to resilience cycles. adjust the our advantages end to the confident objectives Company, wide needed, our our and competitive strong as ability course range through I'm in against markets of diversity our when an organization
I'll that, to over call With hand Greg. the
