From Home Furnishing Business
Natuzzi Posts Loss for 2Q, First Half
Leather furniture supplier Natuzzi (NYSE: NTZ ) reported a net loss of 20.2 million Euro for the first half ended June 30, compared to a net loss of 8.8 million Euro for the first half of last year.
Sales for the first six months of 2013 were 224.8 million Euro, a 2.5 percent drop over sales of 230.7 million Euro for the first half of 2012.
The company posted a net loss of 14.2 million Euro for the second quarter ended June 30, compared to a net loss of 400,000 Euro for the same quarter last year. Net sales for the quarter 114.1 million Euro, a 5.2 percent drop compared to 120.3 million Euro during the second quarter last year.
In addition to the earnings report, the board of directors outlined the company's plans for 2014 through 2018. The plan calls for a diversified brand portfolio; the bolstering of the company's multi-brand distribution strategy; and, the implementation of a new "Moving Line" production process.
The company also plans to enter the recliner market at the upcoming High Point Market with Re-Vive, a "performance recliner".
The complete earnings release can be found online.