From Home Furnishing Business
Natuzzi Loss Widens in 2013
Upholstery supplier Natuzzi (NYSE: NTZ) reported a net loss of $19.1 million for 2013, compared to a net loss of $34.7 million in the prior year.
Year-end sales totaled $599.4 million, a 3.8 percent drop from $622.8 million in 2012.
Net loss for the fourth quarter totaled $40.4 million, compared with a lost of $16.5 million for the fourth quarter of 2012.
Fourth quarter sales totaled $167.7 million, down from $172.3 million in the same quarter of 2012.
Sales at Natuzzi Americas, including the U.S., Canada and Mexico, dropped 13.7 percent for the quarter and 5.7 percent on the year.
"2013 was a year during which we dedicated our efforts to defining all the actions necessary to reorganize the group, and to optimize and streamline our processes to reduce costs and recover efficiency," said Pasquale Natuzzi, president and CEO. "The restructuring of the Group's operations has also generated extraordinary items that heavily affected our overall results."