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The Board of Directors of Natuzzi S.p.A. (NYSE: NTZ; the “Company”, hereafter), today approved its consolidated results for the quarter ended March 31, 2012.
Total Net Sales equal to € 110.4 million, as compared to € 121.0 million in first quarter 2011
Industrial Margin at € 35.3 million, from € 42.8 million reported in the same comparable period of 2011
Operating Loss equal to € 7.4 million versus an operating loss of € 2.5 million in the first quarter of 2011
Net Group Loss of € 8.4 million versus a Net Group Loss of € 3.0 million in first quarter 2011
Positive Group’s Net Financial Position at € 43.7 million as at March 31, 2012
During the first quarter of 2012,
Total Net Sales (including raw materials and semi-finished products sold to third parties) decreased 8.8% to € 110.4 million.
Total upholstery net sales amounted to € 95.8 million, down by 9.1% as compared to last year first quarter.
The following table sets forth the break-down of upholstery net sales during the first three months of 2012 and 2011 according to the Group’s main geographical areas:
Europa (excluding Italy)
Rest of the World
Total upholstery net sales
The above table highlights a generalized decreasing sales trend in Europe, mainly due to the Sovereign debt related crisis and contraction in the Euro-area economic activity, both still underway. Differently, during the same quarter, the Group reported a strong growth in sales for the Americas region, thanks to the Group’s commercial efforts in North America, a moderate recovery in consumption in the U.S.A. and the positive, albeit still marginal, sales contribution from the South America. As a matter of fact, Group’s sales in Brazil increased 228% to € 1.7 million during the first three months of 2012 (as compared to about € 0.5 million reported for the prior year's first quarter).