Colefax will be holding its Annual General Meeting at 11am this morning and David Green, Chief Executive, will make the following comment on current trading:
“Since we announced our year end results in July the Group's sales have performed in line with expectations.
In the Group's core Fabric Division, sales in the US for the four months to 31 August increased by 4% on a constant currency basis. The US is our major market accounting for approximately 60% of Fabric Division sales. In the UK, sales for the four months to 31 August decreased by 3% and in Europe sales for the four months to 31 August decreased by 5% on a constant currency basis.
We have just entered our important autumn selling season and whilst we are optimistic about continued growth in the US, we expect trading conditions in the UK and Europe to remain relatively challenging.”