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10 July, 2019 - 12 July, 2019
Italian furniture maker and retailer, Natuzzi has posted moderate growth for the business for the 2015 fiscal year. Natuzzi owns and operates its own tannery, Natco, in Italy.
Natuzzi Chairman and CEO Pasquale Natuzzi stated: “The 2015 full year results have built on the margin growth seen over recent quarters.”
An improved sales mix and quality of sales, together with favourable currency movements, have generated a 5.9% revenue growth, accompanied by a significant gross margin and EBITDA improvement.
In 2015, the Natuzzi brand represented 69.7% of upholstery sales, with the remaining 30.3% in Private Label. Highlighted is a 22.1% improvement for furniture and accessory sales compared to 2014.
From a geographical point of view, the Americas reported revenue growth of 6.0%, driven by Natuzzi brand products (+12.6%); EMEA saw a 4.9% increase on the previous year, driven by strong private label sales (+29.3%) and, in particular, sales in the United Kingdom, which consolidated its position as the second largest Group market after the United States.
Asia Pacific continued to grow (+16%), driven primarily by the Natuzzi brand, with the largest growth in China, followed by South Korea. Asia Pacific in 2015 reached a 14.2% share of total Group sales, up from 13% in 2014.
The 57 directly managed stores at year-end contributed 10% to consolidated revenues. In 2015, the Group completed the restructuring of the directly-owned store chain, with positive impact to overall contribution margin.
The cost of goods sold, as a percentage of net sales, reduced by 4.5%, primarily due to the efficiency measures introduced at the Chinese plant, and the improved productivity at the Italian plant.
The company’s cost reduction plan lowered overhead costs by €4.6 million.