21st May 2015 08:56
LONDON (Alliance News) - Industrial thread and consumer textile crafts company Coats Group PLC on Thursday said its sales in the first four months declined in value, despite like-for-like growth, owing to the stronger US dollar against the Brazilian real and the euro.
Coats said sales in the first four months were down 3%, despite like-for-like sales in the period rising 3%. Industrial reported sales were down 1%, but up 6% on a like-for-like basis, while its continuing Crafts business sales were down 12%, and down 6% like-for-like.
Industrial sales performed well in Asia and in the North American market, but Crafts struggled due to a decline in fashion handknitting sales following the peak demand seen at the end of 2013 and start of 2014.
Despite the sales fall, Coats said it expects to meet its expectations for the full year.
Coats Group changed its name from Guinness Peat Group PLC in February, returning to the market as Coats 125 years after first lising in 1890.
Shares in Coats were untraded Thursday, having last traded at 26.38 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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