Revenues of Coats Group, decreased to $536 million during the first half (H1) of FY20 that ended on June 30, 2020 compared to $705 million in the same period previous year. The company’s operating profit for the six months period slipped to $34 million. Its Asia sales fell by 27 per cent to $283 million due to severe lockdown measures in key A&F markets and some offset from Vietnam.
During the period, Coats Americas sales dropped by 6 per cent to $149 million while sales in EMEA slipped by 24 per cent to $104 million ($137 million) with Italy (zips) impacted by lockdown.
Sales in apparel and footwear segment sales plunged by 29 per cent to $372 million ($523 million). However, sales of performance materials grew marginally 2 per cent to $164 million ($160 million). The company accelerated investments in digital and sustainability initiatives which have resulted in huge commercial gains.
Coats Group is the world's largest manufacturer and distributor of sewing thread and supplies. It is also the second-largest manufacturer of zips and fasteners, after YKK. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.