Natuzzi Posts Net Loss in 2010

March 28, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on March 29, 2011 Natuzzi (NYSE: NTZ) reported a net loss of 11.1 million Euro for 2010, compared to a net loss of 17.7 million Euro in 2009.

Net sales for the year were 518.6 million Euro, up 0.6 percent compared to net sales for 2009.

For the fourth quarter, the company reported a net loss of 1.4 million Euro, compared to a net loss of 2.5 million Euro in 2009. Net sales for the fourth quarter were 132 million Euro, a 13.3 percent decline from net sales in the fourth quarter of 2009.

"Despite steady total sales in 2010, we finally reached a positive operating result after three years of negative EBIT," said Pasquale Natuzzi, chairman and CEO. "Financial figures are encouraging and confirm the good quality of the work so far undertaken. We believe these results are below our growth potential, that we expect to reach in the following years considering the investments made in factories requalification, development and awareness of the brands, as well as in the expansion of foreign commercial branches to improve our market presence. Our Group maintains and strengthens its credibility and leadership within historical markets such as Europe and the United States, as well as in emerging markets such as India, China and Brazil.

"We have done a good job on brands portfolio and made investments to give a particular identity to the three brands, Natuzzi, Italsofa and Editons; each of them addressing different clients," he said. "We are working to integrate brands, markets, distribution channels and factories to support the three brands. We have to further strengthen the Sales organization to increase the presence in the markets and will continue to leverage on our high-quality brand by relying on our management skills and experience."

Read the entire earnings release online.