20 July, 2019 - 22 July, 2019
21 July, 2019 - 23 July, 2019
22 July, 2019 - 23 July, 2019
New York NY, U.S
22 July, 2019 - 25 July, 2019
01 August, 2019 - 03 August, 2019
The Italian premium leather furniture manufacturer has announced lower consolidated net sales in the third quarter and first nine months of 2018.
Natuzzi’s consolidated net sales for the first nine months of 2018 amounted to €318.5 million, down -2.9% year-on-year (+1% at constant rates). Total upholstery and furnishings net sales totalled €298.4 million, down -2.9% from 2017, but up +1.3% under constant exchange rates. In the first nine months of 2017, upholstery net sales had decreased -5.2% to €270.4 million
The Italy headquartered Group reported an operating loss of €15.2 million in the first nine months of the year, against €23.3 million in the same period of 2017. “As a result of the extraordinary income resulting from the positive conclusion of the partnership agreement in China”, Natuzzi Group’s net profit stood at €27 million in the period.
In the third quarter, Natuzzi’s overall net sales totalled €92.7 million, down - 3.2%, and a net operating loss of €7.2 million was reported, versus a net operating loss of €8.6 million in the third quarter of 2017. In July, the partnership agreement with China’s KUKA group was finalised and Natuzzi says it accounted an extraordinary income of €52.5 million in the quarter.
“Our unbranded business continues to suffer. We have been making a specific screening on such business with the aim of reducing the overall complexity, improving the quality of sales and enhancing profitability from the current level,” said Pasquale Natuzzi, Chairman and CEO, Natuzzi. “We are also aware that the 2018 figures so far embody some inefficiencies in the supply chain. We have identified the main reasons for that and started a revision of the production and logistic processes with the aim of recovering efficiency in our plants”, he added.
The Group also said the issues surrounding the application of tariffs on home furnishing products manufactured in China for the U.S. markets has generated some uncertainty.