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Haynes reports softer sales in UK and Europe
05.10.10 | Katie Allen
Haynes has reported softer results in the UK and Europe for the first quarter of 2010, blaming heavy returns from retailers and increased discounting.
Haynes’ trading performance for the first 13 weeks of the financial year to 31st August is “in reverse” to last year’s report of stronger sales in the UK and Europe and softer trading in the US, according to the publisher.
In UK and Europe, particularly the UK, market conditions had "noticeably weakened”, with revenue in both the UK automotive division and book division ending the quarter 12% lower than last year.
In North America and Australia, sales in local currency ended the period 1% ahead of last year and ahead by 8% when reported in sterling.