Berry Global reported second fiscal quarter 2023 net sales of $3.288 billion, down from $3.775 billion in the second fiscal quarter of 2022. The net sales decline is primarily attributed to a 6% volume decline, decreased selling prices of $143 million due to the pass-through of lower resin costs, an $80 million unfavorable impact from foreign currency changes, and prior quarter divestiture sales of $42 million. The volume decline is primarily attributed to general market softness and ongoing inventory destocking.

In the Health, Hygiene & Specialties segment, net sales were $677 million in the second fiscal quarter of 2023, compared to $ 822 million in the second fiscal quarter of 2022. The net sales decline in the Health, Hygiene & Specialties segment is primarily attributed to a 9% volume decline and decreased selling prices of $64 million. The volume decline is primarily attributed to general market softness in our specialties markets and ongoing inventory destocking.