The Industrial Margin during the last quarter of 2012 was equal to 31.6% on total net sales, down from 33.3% reported for the fourth quarter of 2011. The industrial margin was negatively affected by the different sales mix, with consumers preferring lower-priced products, as well as the labor cost that has increased in the foreign plants in particular. Such effects were partially offset by a more efficient manufacturing process.During the fourth quarter of 2012, the incidence of selling expenses (transportation, commissions to agents and advertising) on total net sales passed from 18.6% reported one year ago to 18.1% in the last quarter of 2012. More specifically, the incidence of transportation costs on net sales passed from 9.9% in the fourth quarter of 2011 to 10.8% in fourth quarter of 2012, due to relatively more shipments towards North America and more sales of medium/low-end products (Private Label); the incidence of commissions to agents passed from 2.2% to 1.7% in fourth quarter 2012. The percentage of advertising costs on total net sales decreased by 100 basis points, passing from 6.6% in 2011 fourth quarter to 5.6% in the last quarter of 2012.
Natuzzi S.p.A. Fourth Quarter And Fiscal Year 2012 Financial Results
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