The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ), Italy’s largest furniture manufacturer and world’s leading manufacturer of leather-upholstered furniture, today announced its financial results for the third quarter and first nine months of 2010.
FIRST NINE MONTHS 2010 SUMMARY:
THIRD QUARTER 2010 SUMMARY:
- Total Net Sales were €386.7 million, up 6.5% as compared to the first nine months of 2009
- Industrial Margin was €145.9 million as compared to €126.3 million of the first nine months of 2009
- Positive EBIT of €0.2 million, as compared to a negative EBIT of €12.6 million of the first nine months of 2009
- Total Net Sales were €115.0 million, down 2.8% as compared to the third quarter of 2009
- Industrial Margin was €42.6 million as compared to €47.5 million of the third quarter of 2009
- Negative EBIT of €2.5 million, as compared to a positive EBIT of €2.8 million of the third quarter of 2009
Third Quarter 2010 Consolidated Results
Total Net Sales
- Positive Net Financial Position of €38.6 million
(including raw materials and semi-finished products sold to third parties) were €115.0 million.
Upholstery net sales were €102.6 million, in line with the same period of 2009 (€102.9 million).
The break-down of upholstery net sales by geographic area was as follows: Europe (excluding Italy) 35.8%, Americas 41.4%, Italy 9.6% and Rest of the World 13.2%.
The best commercial performances came from North America (historical Group market) with a performance of +26.9%. The Rest of the World registered an increase of 0.7%. In particular, China was up 72.3% on Natuzzi brand, and up 179.7% on all other brands. Instead, Europe recorded a slowdown of 16.8% versus the third quarter of 2009.