Furniture World News Desk on
12/17/2024
Natuzzi, the Italian furniture manufacturer and leather producer, has reported flat net sales of €75 million for the third quarter of 2024.
Branded sales rose slightly by 0.3% to €68.8 million, marking a 4.6% increase compared to the third quarter of pre-pandemic 2019. Sales from Natuzzi’s directly operated stores (DOS) declined 1.4% year-over-year to €16.8 million but remained 25.7% above Q3 2019 levels.
During the quarter, the company reduced its workforce by 276 employees following the closure of its Shanghai plant, with production shifted to Quanjiao.
Natuzzi reported an operating loss of €3.8 million for the period, compared to a €1.4 million loss in Q3 2023. Excluding severance costs, the operating loss would have been €400,000.
For the first nine months of 2024, Natuzzi posted net sales of €243.9 million, a 0.3% decline year-on-year. The operating loss for the period widened to €3.6 million, compared to €2.2 million in the same period of 2023.
“We are living in a dual speed reality. On one hand, our performance reflects the ongoing challenges posed by the persistent economic crisis. On the other hand, we are seeing growing evidence of the strength of our long-term brand/retail project, which continues to gain momentum, paving the conditions to capture the full potential of our brands,” said Executive Chairman Pasquale Natuzzi.
For more information, visit natuzzi.com.
About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A., Natuzzi is one of the most renowned brands in the production and distribution of design and luxury furniture. With a global retail network of 550 mono-brand stores, in addition to galleries, Natuzzi distributes its collections worldwide. Natuzzi products embed the finest spirit of Italian design and the unique craftmanship details of the “Made in Italy”, where a predominant part of its production takes place. Natuzzi has been listed on the New York Stock Exchange since May 13, 1993. Always committed to social responsibility and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Quality and Environment), ISO 45001 certified (Safety on the Workplace) and FSC® certified (Forest Stewardship Council).
