The Board of directors of Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi” or “the Company”), a world leading furniture Company, today announced that it has approved the Company’s 2010 strategic and financial plan.
The Company’s 2010 goals are as follows:
Natuzzi’s Board of Directors has approved the 2010 Budget, which reflects the current financial and economic uncertainty, but also incorporates the improvement in total net sales and order flow during the last few months. This new 2010 budget will substitute the previous 3-Year Business Plan which was approved at the end of 2008.
The target 2010 forecast of Total Net Sales of approximately € 600 million, (a 17% increase as compared to 2009) and a return to a positive EBIT margin, is expected to be achieved through the Company’s Brands:Natuzzi, an aspirational brand characterized by Italian design, quality and lifestyle sold through retail channel company-owned and franchises (B2C); Italsofa, a young-living brand characterized by modern and innovative style also sold through retail channel company-owned and franchises (B2C); and Editions, a new trademark, successfully presented at the January 2010 International Cologne fair, with a complete collection targeted to all consumers and classes of trade, sold through the wholesale channel (B2B). The Editions project has been created to regain market share, through the development of products with innovative design created by the Natuzzi Style Centre, and to serve the needs of the Wholesale market, that has always represented a fundamental part of the Natuzzi Business. The 2010 forecasted Total Net Sales growth will be executed with strict control over operating costs, and therefore involves the continuation of the efficiency processes and containment costs that the Company instituted during the last year.