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 approved its consolidated financial results for the third quarter and first nine months of 2011.
9 MONTHS 2011 CONSOLIDATED FINANCIAL RESULTS
- Net Loss of €3.6 million vs. a Net Loss of €9.6 million in 9M 2010
- Negative EBIT of €17.0 million, vs. a positive EBIT of €0.2 million in 9M 2010
- Gross profit was €117.2 million as compared to €145.9 million in 9M 2010
- Total Net Sales were €356.8 million, down 7.7% as compared to 9M 2010
3Q 2011 CONSOLIDATED FINANCIAL RESULTS
- Net Loss of €10.3 million vs. a Net Loss of €5.5 million in 3Q 2010
- Negative EBIT of €9.0 million, vs. a negative EBIT of €2.5 million in 3Q 2010
- Gross profit was €33.9 million as compared to €42.6 million in 3Q 2010
- Total Net Sales were €114.4 million, down 0.5% as compared to 3Q 2010
- Positive Net Financial Position of €58.8, with a good improvement as compared to December 31, 2010.
9 MONTHS 2011 CONSOLIDATED FINANCIAL RESULTS Total Net Sales (including raw materials and semi-finished products sold to third parties) were €356.8 million, decreasing by 7.7% with respect to 2010.Total upholstery sales totalled €310.7 million with a decline of 9.9% over the same period in 2010. In particular, the Natuzzi brand was down 6.1%, while all other brands marked a decrease of 12.6%. Within the Natuzzi brand, the decline is mainly concentrated in Europe, while there is positive performance in the Rest of the World and a slight improved performance in Americas.