25 September, 2018 - 26 September, 2018
Raleigh, NC, U.S.
25 September, 2018 - 27 September, 2018
26 September, 2018 - 27 September, 2018
04 October, 2018 - 06 October, 2018
09 October, 2018 -
Consolidated revenues for the premium leather sofa manufacturer were down 11.4% in the third quarter of 2016 compared with the same period the prior year.
Despite net revenues declining 6.8% to €332.6 million, Natuzzi said gross margin continued to improve 34.3% in the third quarter against +32.7% in the same quarter in 2015. EBITDA in the period was reported positive reaching €2.2 million, up from €1.5 million a year earlier. According to Natuzzi, which opened 16 new sales points this year, this figure represents an improvement since the company has registered a loss of €900,000 in the period against €1.9 million in the third quarter of 2015.
Natuzzi has recently acquired five existing franchised stores in Italy and seven stores in Florida, U.S. in order to improve control toward its Brand distribution and take advantage of the entire value chain. “We are now tracking operations on both retail and manufacturing basis and evolving management systems to allow us to optimise our business. I am happy to advise that for stores we operated at the beginning of 2016, revenues have increased 2.8% through mid-November. Further, we have seen an increase of 6.3% in average DOS transaction and an increase of 11% in the related price per seat”, said Vittorio Notarpietro, Chief Financial Officer, Natuzzi.
Following the Board meeting on November 17, Pascale Natuzzi, Chairman and CEO, Natuzzi, said positive performance was registered in Europe and Asia, with the largest immediate opportunity being in North America, where efforts to expand continue.
The Italy based premium leather sofa manufacturer plans to open another two retail points before the end of 2016.