Natuzzi Sales Down 6.2% in 2011

April 1, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on April 2, 2012 Leather furniture manufacturer Natuzzi reported 2011 sales of 486.4 million euros, a 6.2 percent drop from 2010.

The Italian manufacturer lost 19.6 million euros in 2011, compared with a prior-year loss of 11 million euros.

In fourth-quarter 2011, Natuzzi had sales of $129.6 million euros, a decrease of 1.8 percent from fourth-quarter 2010; and lost 15.9 million, compared with a 1.4 million euro loss the prior-year period.

"In 2011 we faced a difficult economic situation, characterized by the Sovereign debt crisis in Europe and the consequent decline in consumer confidence. The historical presence of the Group in such market has caused a sales reduction, even if the Group market shares, distribution network, and customer portfolio remained substantially stable," said Natuzzi Chairman and CEO Pasquale Natuzzi. "On the top of that, we also experienced during the course of the year, an increase in raw material prices and cost of labor, as well as unfavorable trends in currency markets, together with the negative effects deriving from the Chinese plants relocation. The decrease in sales in Europe and North America was partially offset by an encouraging sales performance in the BRIC region of about plus-64 percent on (a) yearly basis. The Group presence in this area is now well established, with offices, plants and qualified distribution network. In particular, the 'made-in-Italy' Natuzzi branded products are sold through 32 Natuzzi Stores in China, five in India and seven in Russia."