Natuzzi Q3 results show ‘dual-speed reality, strength of brand/retail project’


SANTERAMO IN COLLE, Bari, Italy — Natuzzi S.p.A. reported its unaudited financial information for the first nine months and third quarter ended Sept. 30.

Highlights of the first nine months of 2024 show total net sales of €243.9 million, in line with the same period in 2023 (-0.3%). Branded sales were €221.2 million, up 0.3% from the same period in 2023 and up 3.1% from the same period in 2019. Branded sales represent 93% of total sales, compared with 92.6% in the same period of 2023 and 78.5% in the same period of 2019.

“We are living in a dual-speed reality,” said Pasquale Natuzzi, executive chairman. “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.”

Natuzzi said that the company marked a milestone in 2024 with the launch of Natuzzi Harmony Residences, a 110,000-square-feet, nine-floor building with 50 apartments located in Dubai. The building represents the first time the company has led the architectural and creative direction for both the exterior and interior design of a project.

At October High Point Market, Natuzzi unveiled its “Reimagined Gallery” concept, an initiative that has become the standard for the company’s offering in multi-brand retailers and that is under way across 678 stores and 628 galleries.

“These results testify that Natuzzi is one of the few global design and high-end furniture brands,” said Natuzzi. “They also reinforce my belief that, moving forward, the positive impact of our strategic initiatives will effectively counterbalance market headwinds, positioning us for a prosperous future.”

Antonio Achille, CEO, added that the business cycle impacted the financial results along with industry challenges.

“Our sales during the first nine months of 2024 have been in line with the previous year, despite challenging conditions that continued to impact not only the furnishings sector but also the broader durable and consumer goods industries,” Achille said. “This was achieved, despite a soft third quarter, which was significantly below the year’s average, thereby affecting deliveries in August and September.

“In this regard, we need to remember the cycle of our business innovation. For instance, the merchandising and retail initiatives for Natuzzi Italia, introduced during April’s Milan Design Week, reached the market only by late September. This was reflected in Natuzzi Italia’s delivered sales for the first nine months, which were 0.9% lower compared to the same period in 2023. Natuzzi Italia performance improved in the last two months, effectively closing the gap with 2023 levels. Looking ahead, the focus for Natuzzi Italia will remain on the consistent rollout of the Brand/Retail/Marketing strategy, with a particular emphasis on priority markets, such as U.S., China, UK, Spain and Italy.”

The financial report also outlined several key strategies that the leadership team said they expect to contribute to “significant growth.” These strategies include: improved distribution to accelerate the brand journey, new trade and contract market opportunities, enhanced margins, production simplification and efficiency improvement, execution of a restructuring program that transitions Natuzzi “from a volume-driven to a value-driven organizations,” according to officials, and divestiture of “non-strategic assets,” including properties in High Point and Romania.

See full report here .

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