Colefax Group Plc - AGM Statement
COLEFAX GROUP PLC
("Colefax" or "the Group")
Colefax will hold its Annual General Meeting at 11am this morning when David Green, Chief Executive, will make the following comment on current trading:
"Since we announced our year end results in July, trading conditions have remained challenging in most of our major markets.
"In the Group's core Fabric Division, total sales for the four months to 31 August decreased by 1% but by 5% on a constant currency basis. In the US, which is our largest market, sales decreased by 5% on a constant currency basis, compared to a 4% increase for the same period last year. In the UK and Europe, sales decreased by 3% on a constant currency basis.
"We have just entered our important autumn selling season and based on current trends we remain cautious about the outlook for the full year."