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Coats PLC reports robust Q3 sales momentum despite slowdow
27
Nov '13
Despite an uncertain global economic outlook, Coats PLC, the world’s leading industrial thread and consumer textiles crafts business, continues to witness robust sales momentum driven by impressive growth across its industrial and crafts division.
 
The company, which is a 100% subsidiary of investment holding company Guinness Peat Group, reported a 7 per cent increase in consolidated like-for-like sales in the third quarter of this year from the same period last year.
 
However, on an actual currency basis, year on year sales growth in Q3 2013 stood at 4 per cent amid the sharp depreciation of the Indian rupee and the Brazilian Real against the US dollar.
 
While the company’s operating margins in the Americas region have been hit by subdued demand from Brazil, a key market, overall operating profit remains in line with management expectations driven by factors such as productivity improvements in manufacturing and purchasing, reorganization benefits and pricing initiatives which have helped offset higher input costs.
 
Like-for-Like Industrial sales witnessed a 7 per cent, year on year rise in the third quarter of 2013 driven by healthy growth in the Europe, Middle East and Africa region, and Asia, more than offsetting soft demand from Latin America.
 
The Crafts division witnessed a 5 per cent like-for-like sales increase in Q3 2013 from the same period a year ago amid continued impressive performance from its business in Europe, Middle East and Africa region, and recovery in North America.
 
Notwithstanding a challenging economic outlook, Coats is well placed to maintain its impressive revenue and profit growth, going forward given its market leadership position in the industrial thread and consumer textiles crafts business, and its worldwide presence.
 
The company’s profitability and cash flows may also be boosted by restructuring measures, new product development and enhancement of digital technology. 
 

Fibre2fashion News Desk - India


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Courtesy: Business wire

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