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(Sharecast News) - Industrial thread maker Coats Group lifted full-year profit guidance after a better-than-expected peak third quarter.
The company on Tuesday said it now expected adjusted operating profit for 2020 to be above expectations and in the range of $100m - $110m.
"The improving performance seen to date and trading outlook for the remainder of 2020 remains encouraging, however, we are mindful that uncertainties related to Covid remain around the recovery profile of our various global end markets as we look into 2021," Coats said in a trading statement.
Sales in the four months to October 31 fell 9% year-on-year on a constant currency basis, which reflected a 15% fall in apparel and footwear and a 6% contribution from the acquisition of Pharr High Performance Yarns, which Coats acquired in February.
Footwear and apparel sales were "significantly impacted by brands and manufacturers cancelling or deferring orders from mid-March, as well as enforced government lockdowns affecting a number of our sites", Coats said.
"Our manufacturing footprint is now effectively fully operational and we have seen an encouraging improvement in brand and manufacturer order confidence into the peak trading season of September-November where production is primarily for the spring/summer 2021 season."
"Heightened industry inventory levels from significant Covid-related market disruption in the first half appear to be clearing this year broadly as we anticipated."
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