- The negative impact from foreign currency movements that have eroded 3.2% of total net sales when translated into Euro;
- The negative performance of some of the Group’s largest dealers located in the North America region, following the adverse weather conditions that occurred on the Atlantic coast and that have affected the first few months of the year;
- Production delays, particularly in Italy and China. As for Italy, we reported a low level of productivity since we staffed our Italian plants with workers on rotation, in accordance with the agreement we entered into with the unions on October 10, 2013; as for China, we experienced a higher than expected level of turnover among workers after the Chinese New Year holiday period, consequently lowering the level of productivity for the Chinese plant.
Natuzzi: First Quarter 2014 Consolidated Financial Results
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