Industrial thread maker Coats has booked higher third-quarter sales thanks to strong growth in its its industrial division.
In the period July to end of October, group sales were up 2% year-on-year, driven by 5% growth in the firm’s industrial division. This was thanks to good momentum in Coats’ core apparel and footwear business, up 6%, ahead of the year to October growth of 5%.
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The division now represents 70% of the group’s sales. The strong apparel and footwear performance was achieved despite continued mixed demand from clothing retailers and ongoing pricing pressures, as the company maintained its customer-led approach to innovation and digital solutions.
Performance materials also continued to grow in the period, with sales up 4%.
Moving forward, the company said its key focus areas for driving the next phase of growth relate to simplification, innovation and further development of digital capabilities, all of which are an evolution of its existing strategy.
For the full year, Coats said it expects to deliver results in line with management’s expectations.
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By GlobalData
