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Coats revenues down three per cent

Coats’ revenues fell three per cent in the first half of the year. Operating profit grew three per cent, driven by improved operating margins, strong cash flow generation and cost-cutting measures. Savings were reinvested in innovation, digital and talent. Adjusted earnings per share fell four per cent. EPS growth was four per cent.

The sewing thread maker’s market-leading apparel and footwear thread business benefited from a continued focus on product innovation, digital solutions as well as its leading corporate responsibility and sustainability credentials. In its Performance Materials business, it saw strong growth in some emerging markets and key strategic focus areas and an acceleration in the performance of recent acquisitions.

Coats opened innovation hubs in Turkey, China and the US. These dedicated centers at key locations around the world will develop pioneering new products and processes in apparel and footwear and hi-tech products for end uses in automotive, oil and gas, protective wear and telecommunications by providing creative and inspiring spaces where an innovative idea can be developed and worked up into a prototype design which is then manufactured in a standalone pilot factory. While the company remains cautious around the current macroeconomic uncertainties, based on its current assessment of business trends it anticipates delivering 2019 full-year performance.

 
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