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Natuzzi leather upholstered net sales up
05
Sep '08
The Board of Directors of Natuzzi S.p.A., the world's leading manufacturer of leather-upholstered furniture, presented the second quarter and first half 2008 consolidated financial results.

Aldo Uva, Chief Executive Officer of the Natuzzi Group, commented: “The sales increase achieved versus the same period of last year and the much better EBIT result versus the previous quarter are a great accomplishment considering the current market conditions. However, we can not be happy for the overall result.

We still have a lot of work to do to make our Group “lean” and to increase dramatically our level of service to the markets while drastically reducing costs.

We remain committed in restructuring our sales and operating activities through a new brand strategy that will address different consumer's segments and geographic areas, with a special focus on the emerging markets like Brazil, India, Russia, China and Middle East.

At the same time we are speeding up new plans to achieve a drastic cost reduction in the area of operations and staff. A first clear step in this direction has been the introduction of a new organization model which is more consumer oriented and capable to move with great efficiency and effectiveness.

As for the 2008 fiscal year, we expect to keep increasing our top line in the region of 10 percent to about 700 million euros and to reduce the overall losses versus last year.

I am also pleased to announce that the Board of Directors examined the strategic guidelines supporting our new business plan covering the three-year period 2009 through 2011. Our declared goal is to achieve 1 billion euros of net sales in 2011 with an EBIT of 15 percent. A bold target supported by a focused plan that the management is working on and that will be ready for the Board approval in October. The new plan has been called: 11-1-15”.

CONSOLIDATED FINANCIAL RESULTS

NET SALES
During the quarter ended June 30, 2008 total net sales for the Natuzzi Group were at EUR 168.8 million, up 3.9 percent from EUR 162.4 million reported in the second quarter of 2007 and unit sold were up by 2.7 percent with respect to the same period of last year. Considering the first semester of 2008, Group's total net sales were up 8.0 percent at EUR 341.6 million, and unit sold were up by 9.2 percent over the same period of 2007.

In second quarter 2008, upholstery net sales increased by 2.1 percent at EUR 147.9 million and other sales (principally living room accessories and raw material produced by the Group and sold to third parties) were up by 19.4 percent at EUR 20.9 million compared to last year same quarter.

For 2008 second quarter, upholstery net sales decreased 7.4 percent in the Americas at EUR 45.3 million, whereas upholstery net sales increased in Europe by 4.4 percent at EUR 89.9 million and by 28.3 percent in the Rest of the world at EUR 12.7 million over second quarter 2007.

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