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Coats revenues down two per cent

Coats’s revenues fell two per cent in the four months ending October. Sales were affected by the recent weakening of certain emerging market currencies in which it operates, particularly the rupee, yuan, and lira. On a constant exchange rate basis, group revenues increased three per cent from July 1 to October 31.

The company’s strong first-half performance helped it offset the recent decline in revenue, and group sales for the year to October are still ahead of the same period last year, up three per cent. On a constant exchange rate basis, revenue increased by four per cent in the year to October.

Coats’ high technology performance material threads are enjoying strong growth, up four per cent between July and October, and there is increasing momentum in its industrial division.

But the company’s apparel and footwear division was hit by mixed demand from retailers, and despite growing four per cent on a constant exchange rate basis, it fell by one per cent on a reported basis. Crafts, which accounts for 11 per cent of group sales, continued its fall due to lower sales in both North America and Latin America. Craft revenues fell by 31 per cent between July and October, and have fallen by 17 per cent in the year to date.

 

 
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