18th May 2016 07:50
LONDON (Alliance News) - Industrial threads and consumer textile crafts business Coats Group PLC on Wednesday said sales declined in the first four months of 2016 on continued weakness in its consumer business and negative currency movements.
Group sales were down 5.0% year-on-year for the period, with industrial sales falling 1.0% and crafts sales down 23%. In constant currencies, group sales were flat, with industrial sales rising 4.0% and crafts declining 18%.
Industrial sales, in constant currencies, were boosted by growth in the Apparel & Footwear business, which won market share despite softer demand from some US and European retailers.
Crafts sales, however, were hit by weak US hand-knitting markets, which started to decline in the fourth quarter of 2015 and deteriorated further in the first quarter.
Coats said that while trading conditions are anticipated to remain challenging, it has continued to win market share and deliver productivity and procurement gains.
Shares in Coats were down 0.8% to 29.5 pence Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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