16th May 2018 10:53
LONDON (Alliance News) - Coats Group PLC said on Wednesday it continues to "perform well", as its sales for the period grew year-on-year.
For the period from January to April-end, total reported sales grew 8% year-on-year, with a 2% organic growth. On a constant currency basis, sales were up 5%.
The sales growth was attributed to continued momentum in the company's apparel & footwear division and performance materials business. Weakening of the dollar against certain key trading currencies of the company like Chinese Yuan, Euro, Indian Rupee and Mexican Peso, also contributed to reported sale growth.
The apparel & footwear division recorded 6% growth in reported sales for the four month period, while the performance materials division posted 24% growth in sales, mainly due to contribution of from the acquisition of Patrick Yarn Mill.
The sewing thread supplier saw its crafts business record 4% drop in sales due to tough market conditions in North America and adverse impact of the introduction of own-label handknitting products at a major customer
Coats anticipates delivering its 2018 full year results in line with management expectations.
Shares in Coats were down 2.4% at 81.50 pence each on Wednesday morning.
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