This result was 9.4% down on the second quarter of pre-pandemic 2019 and was attributed to macroeconomic headwinds in the furnishings industry.

Total branded invoiced sales were €74.5 million, a drop of 24.5% year-on-year. Natuzzi Italia brought in €31 million, falling by 42%, while Natuzzi Editions had a decline of 3.5% in invoiced sales to €43.5 million.

Regionally, Natuzzi saw a decline of 21.1% in North America for a total of €24.7 million, while Greater China declined by 50% to €6.6 million. West & South Europe had a drop of 34.2% to €26.7 million, while Emerging Markets saw a decline of 13.7% to €11.3 million. Finally, the Rest of the World fell by 14.2% to €11.8 million.

The net financial result for Natuzzi in the second quarter was a loss of €0.8 million, compared to a loss of €1.4 million in the same period of 2022.

For the first half of the year as a whole, the company reported a decline in revenue of 28% year-on-year and 14.5% against 2019 for a total of €169.6 million. The net financial result was a loss of €4.2 million.

Group CEO Antonio Achille said: “It is evident that business environment continues to be particularly challenging for the furniture industry. The fact that most analysts are comparing actual sales with data from 2019 speaks about the extraordinary cycle that the furnishing market has experienced over the past four years.

“This negative market cycle has not yet reached a turning point, so it is crucial for us to remain highly focused on actions that will enable us to navigate through this challenging phase effectively. In this context, regaining growth is absolutely the priority. We are focusing on organic growth.”